84-1286 WHITE - CITV CLERK
PINK - FINANCE G I TY OF SA I NT PA LT L Council /�./
CANARV - DEPARTMENT File NO. u ` ���/ �
Bl_UE -MAVOR
� 1
C ' s ti n
Presented By
Referred To Committee: Date
Out of �ommittee By Date
WHEREAS, the Port Authority of the City of Saint Paul by
Resolution Nos. 1899, 1911 and 1912 approved the issuance of
$25, 000,000. 00 short-term Energy Park Revenue Bonds to finance
construction in Energy Park; and
WHEREAS, the Council of the City of Saint Paul by the adoption
of Resolution C.F. 276900, adopted May 26, 1981, and Resolution
C.F. 277273 , adopted August 13 , 1981 and Resolution C.F. 277571,
adopted October 13 , 1981, did approve the issuance of said
$25,000, 000. 00 in revenue bonds by the Port Authority of the City
of Saint Paul for construction within 'Energy Park; and
WHEREAS, the Council of the City of Saint Paul by Resolution
C.F. 281298 did approve refunding of the revenue bonds in lieu of
the pre�iously issued short-term revenue bonds; and
WHEREAS, pursuant to said authorization the Port Authority
issued refunding revenue bonds in the amount of $25, 000,000. 00
at a floating rate; and `
WHEREAS, the Authority is desirous of issuing put option
refunding revenue bonds at a more advaa�tageous interest rate in
lieu of the revenue bonds issued at a floating rate; and
WHEREAS, additional approval of the issuance of such put
option revenue bonds is a condition of the Tax Equity Fiscal
Responsibilities Act (TEFRA) of 1982; now, therefore, be it
COUNCILMEN Requested by Department of:
Yeas Fletcher Nays
Drew In FavOr
Masanz
Nicosia
scneibet _ Against BY
Tedesco
Wilson
Form Approved by City Attorney
Adopted by Council: Date
Certified Fassed by Council Secretary By-?,�i��v'
gl,
Approved by Mavor. Date Approved by Mayor for Submission to Council
By By
WHITE - C�TV CLERK '
PINK - FINANCE G I TY O F SA I NT PA IT L Council /
BLU�RV -�AVORTMENT , F11C NO. ��'/��/-
�
u 'l e lu ion
Presented By
Referred To Committee: Date
Out of Committee By I Date
RESOLVED, that the Council of the City of Saint Paul consents
to the issuance of $25, 000, 000. 00 in Industrial Development Revenue
Bonds by the Port Authority for the refunding of the Energy Park
Project, in the form of $25, 000, 000. 00 short term put option
revenue bonds secured by a letter of �redit, any definitive revenue
bonds not to exceed $25,000, 000. 00 required to refund said short
term bonds, and one or more bank notes in the aggregate principal
amount not to exceed $26,500, 000. 00 to evidence the obligation to
repay an advance made under the letter of credit or to effect pre-
payment of any such put option revenue bonds acquired by the issuer
of the letter of credit as a result of a draw made thereunder.
COUNC[LMEN Requested by Department of:
Yeas Nay �
Dr� F�-yN�
Masanz
In Favor
Nicosia
scne�be� d __ A gai n s t BY
Tedesco
Wilson
Adopted by Council: Date SEP 2 0 198�� Form Approved by City Attorney
Certified as e Counc.il ret BY /�l/ti��iG�C��T
By
t#pproved by ;N vor: Dat �= a�—��`�EP Z �t Approved by Mayor for Submission to Council
gY � ''"" `�`"—' gY
PUBLIS�fED S E P 2 9 T984