84-1235 NiHITE - CITV CLERK I;
PINK - FINANCE GITY OF SAINT PAUL Council
CANM1}2Y - DEPARTMENT
BLUZ - MAVOR File �0. � -����
�
. ` o.uncil Resolution
Presented By
Referred To �i Committee: Date
Out of Committee By Date
WHEREAS:
1. On October 26, 1982, the Port Authority of the City of Saint Paul adopted
Resolution No. 2068 giving preliminary approval for the issuance of revenue bonds in the
initial principal amounts as hereinafter 1isted to finance the conversion of the
buildings' existing heating system to the central energy system for downtown St. Paul ,
commonly referred to as the District Heating System;
Dollar Amount of
Building Name and Location Revenue Bonds Approved
American Beauty Macaroni - 352 Wacouta ��, $ 100,000
Bison Building - 230 East 5th Sitreet ' 245,000
Kellogg Square Apartments - 111 E. Kellogg Blvd. 437,500
Minnesota Museum of Art - St. Peter at Kellogg 104,400
Radisson Kellogg - 11 E. Kellogg Blvd. 450,000
Victory Ramp - 344 Wabasha 59,600
Y.W.C.A. - 65 East Kellogg Blvd. 125,000
Minnesota Public Radio - 45 E. 8th Street 110,000
World Theatre - 498 Wabasha 245,000
Hanover Building - 480 Cedar 36,000
400 Sibley Street (Park Sq. Court) - 400 Sibley St. 67,500
AAA Building - 170 East 7th Place 26,200
United Hospitals 1 ,891 ,100
St. Joseph's Hospital - 69 West Exchange 2,129,400
Bethesda Hospital - 599 Capitol Boulevard 2,965,600
Mears Park Place - 401 Sibtey 90,OOU
Central Towers - 20 East Exchange 292,300
Gallery Towers - 26 East lOth Street 35,000
Capp Towers - 77 East 9th Street 180,500
St. Paul Labor Centre - 411 Main , 15,300
Catholic Charities - 215 Old 6th Street 36,500
Garrick Ramp - 6th & St. Peter 25,000
Time Medical Building - 35 Sherman 21 ,300
TOTAL 9,688,200
COUNCILMEN '' Requested by Department of:
Yeas Nays �
Fletcher
Drew [n Favor
Masanz
Nicosia
sche�be� __ Against BY
Tedesco
Wilson
Adopted by Council: Date Form App oved by Cit Attorney
f l� �(
Certified Yassed by Council Secretary BY � "�
By
6lpproved by Nlavor: Date Approved by Mayor for Submission to Council
By BY
WMITE - C�TV CLERK
PINK - FINANCE GITY OF SAINT PAUL Council ��35
CANA�v - DEPARTMENT
BLUE - MAVOR ��
, File N 0.
' Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By ' Date
2. The Laws of Minnesota 1976, Chapter 234, provide that any issue of revenue bonds
authorized by the Port Authority of the Cit of Saint Paul , shall be issued only with the
consent of the City Council of the City of Saint Paul , by resolution adopted in accordance
with the law;
3. On November 30, 1982, the City Council of the City of Saint Paul , by its Council File
279510, consented to the issuance of the aforesaid District Heating conversion bonds and any
additional bonds found by the Port Authority to be necessary for the purposes described in the
Port Authority Resolution No. 2068.
4. The Port Authority has now notified the City Council that it intends to consider the
Revenue Bond Resolution authorizing the issuance of revenue bonds to finance the project at its
September 18, 1984, meeting;
5. In addition to the requirements imposed by the laws of Minnesota 1976, Chapter 234,
the Tax Equity and Fiscal Responsibility act passed by Congress in 1982 requires that the
issuance of industrial development revenue bonds, such as the revenue bonds to be issued to
finance these projects be approved by an elected public official or body and that such approval
be given no more than one year prior to the issuance of the bonds;
6. Since the City Council Resolution approving the issuance of the bonds was adopted more
than one year prior to the anticipated date of issuance of the bonds, the Port Authority has
requested that the City Council ratify its previous consent and consent to the issuance of the
aforesaid bonds (together with any additional bonds, including refunding bonds, found by the
Port Authority to be necessary to carry out the purposes for which such bonds are to be
issued), all subject to final approval of the details of said issue by the Port Authority.
RESOLVED, by the City Council of the City of Saint Paul , that in accordance with Laws of
Minnesota 1976, Chapter 234, and Section 103(k) of the Internal Revenue Code of 1954, as
amended, the City Council hereby consents to the issuance of the aforesaid revenue bonds
(together with any additional bonds including refunding bonds, found by the Port Authority to
be necessary to carry out the purposes for which such bonds are to be issued), all for the
purposes described in the aforesaid Port Authority Resolution No. 2068, and the City Council
further ratifies its Council File No. 27951q, adopted November 30, 1982, approved December 2,
1982 and published December 11 , 1982. '
COUNCILMEN Requested by Department of:
Yeas �� �y��
Drew � In Favor
Masanz
Nicosla
scnetbe� � __ Against BY
Tedesco
Wilson
SEP i 3 1984 Form Approved by City Attorney
Adopted by Council: Date
Certified Ya s d y ouncil S r ar BY
By
dlppr d by Mavor: D ~ SEP � 7 �98�F ' Approved by Mayor for Submission to Council
By By
PUBLISHfD SEP 2 2 1984