275571 WHITE -i CITY CLERK ������
PINK - FINANCE �j
CAK'ARY - DEPARTMENT O F SA I N T ���L COUIICII.
BLUE - MAYOR File �N O.
Cty Atty/JTH , .
Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREA5, by Resolution C.F. 274899 adopted May 8, 1980
the City Council authorized the Mayor, in cooperation with
the District Heating Development Company, Inc. , to prepare
a request for underwriting proposals for a tax exempt revenue
bond issue to assist in the financing of the Saint Paul District
Heating Project, to receive proposals and to make recominendation
to the City Council respecting retainer of an underwriter for
said issue; and
WHEREAS, these activities have been undertaken, and the
Mayor' s recommendation respecting retainer of an underwriter
and a proposed investment banking and underwriting services
agreement will shortly be presented for consideration of the
City Council; and
WHEREAS, a major purpose in soliciting underwriting proposals
was to proceed to determination of the feasibility of financing
the District Heating Project by means of a tax exempt revenue
bond Issue, and in the process of interviewing underwriting
firms it appears that submission to the Internal Revenue
Service (IRS) of a letter ruling request on the tax exempt
status of a prospective bond issue may be required; and
WHEREA5, the IRS letter ruling process involves an area
of the law requiring special expertise and experience, such
that the City Attorney recommends and requests appointment of
the firm of Briggs & Morgan as special counsel for this service
at a fee of $80 per hour of time, not to exceed the sum of
$15,000 with reimbursement of out-of-pocket expenses.
NOW THEREFORE, BE IT RESOLVED upon request of the City
Attorney and under his direction and supervision the firm of
COUNCILMEN
Yeas Nays Requestgd by Department of:
Hunt �
Levine In FavOr
Maddox ,6
McMahon
Showalter __ Ag81[1St BY —
Tedesco
Wilson
Form Approved by City Attorney
Adopted by Council: Date — '
Certified Vassed by Council Secretary BY
By�
Approved by Mayor: Date _ Approved by Mayor for Submission to Council
By _ — BY —
WHITE - CITY CLERK �����
PINK - �FINANCE
CANARY - DEPARTMENT G I T Y O F S A I N T PA IT L COU[ICII .
BLUt - MAYOR
File N 0.
Council Resolution �
Presented By
Referred To Committee: Date
Out of Committee By Date
2.
Briggs & Morgan be retained as special counsel to perform
necessary legal services in connection with an TRS letter
ruling request respecting tax exempt status of a proposed
revenue bond issue to finance the District Heating Project.
FURTHER RESOLVED, that upon transfer of funds from the
General Government Accounts Contingent Reserve Fund to the
Operations and Maintenance City Attorney Administration
Fee Account in amount of $15,000, the City Attorney is
authorized to conclude a retainer arrangement with Briggs &
Morgan in accordance with this Resolution.
FINALLY RESOLVED, that upon sale and receipt of proceeds
of a District Heating Project tax exempt revenue bond issue,
the issuer or trustee as a cost of the issue shall reimburse
the City of Saint Paul from the proceeds of sale the amount
of legal fees paid bond counsel for services in connection
with the IRS letter ruling request, and the City Attorney
shall then return to General Aecount 09060-536-000 the amount,
if any, of the $15,000 not expended for such services.
COUNCILMEN Requestgd by Department of:
Yeas Nays
Hunt
Levine In Favor
Maddox V
McMahon
snowaite� __ Against BY
Tedesco
Adopt y Council� Date SEP � 1980 Form Approv d City At r
,
C tified Ya:� by Council Secyetary BY
�
B - — �` .
Appr d ;14 vor. Dat Appr ve y Mayor fo ss' n to Council
By By y/(/�'
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��"�` M � . rJj Da t e . August 29, 1980
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C, {� �� ��� � � � � � � � c� � � l _
? O : ��i�t Pau� C�t;t Cour�cii � . . _ .
�R� � = C0i'ilirtt#�'e� OCl FINAP�CE; !`1aNAGEMENT & PERSONNEL
� �
George McMahon � choirmar�, makes the fo[ to��iing
. repart ort �. F. _� � Ordi�ance
� . (4) Q Resol��ion .
� . � Qihe� �
Tt�"LE : �
- At-its meeting of August: 28, 1980, the. Finance Corrnnittee recommended approval
of�the fcllowing: _ --- --T
. 1 . Resolution transferring $15,�00 from Contingent Reserve General to �ity �
Attorney Admi nistrati on fo-r retai ni ng servi ces of bond counsel for St. Paul
. Dis�rict Heating .Project. (11167-GM') �
2. Resolution �authorizing City Attorney to conclude retainer arrangemertt with -
. - Briggs & Morgan for St. :Paul District Heating Rroject.. _ �
- 3. Reso�lution providing ins�rance. to those employees who would be elig�€ble for -
. pension; but wh� withdraw their money in a 1ump sum. (11255-G��I) -
4. Resalution transferring $6,624.4� from Contingent Reserve ta Operation` and. .
- Maintenance, Department of Go►rnnunity Services, to cover expenses incurred _
for�City's 12.5th Anniversary celebration. (11269-�M) _
Cf?Y rIALL � SEVE;\TH FLOOR Sr�I1iT PALZ, ��I\'\'ESOTA Sa14y