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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