273317 WMITE - CITV CLERK � ,�
PINK - FINANCE GITY OF SAINT PALTL Council Zr� ��� �
CANARV - DEPARTMENT
BLUE - MAVOR File NO. R. !
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
1. On June 26, 1979, the Port Authority of the City of Saint Paul adopted Resolution
No. 1505, giving preliminary approval to the issuance of revenue bonds in the initial
principal amount of approximately $3,500,000 in revenue bonds for the purpose of financing
the construction of a 78,000 square foot regional distribution facility for the Fisher Nut
Co. Division of Beatrice Foods Co., Inc.
2. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds
authorized by the Port Authority of the City of Saint Paul , shall be issued on1y with the
consent of the City Council of the City of Saint Paul , by resolution adopted in accordance
with law;
3. The Port Authority of the City of Saint Paul has requested that the City Council
give its requisite consent pursuant to said law to facilitate the issuance of said revenue
bonds by the Port Authority of the City of Saint Paul , subject to final approval of the
details of said issue by the Port Authority of the City of Saint Paul .
RESOLVED, by the City Council of the City of Saint Pau1 , that in accordance with Laws
of Minnesota 1976, Chapter 234, the City Council hereby consents to the issuance of the
aforesaid revenue bonds for the purposes described in the afoxesaid Port Authority Resolution
No. 1505, the exact details of which, including, but not limited to, provisions relating
to maturities, interest rates, discount, redemption, and for the issuance of additional
bonds are to be determined by the Port Authority, pursuant to resolution adopt,ed by the
Port Authority, and the City Council hereby authorizes the issuance of any add'itional
bonds (including refunding bonds) by the Port Authority, found by the Port Authority to
be necessary for carrying out the purposes for which the aforesaid bonds are issued.
COUNCILMEN �
Yeas Nays Requested by Department of:
"'� �
Hozza [n Favor
Hunt
Levine _�___ Against BY _
Maddox
Show
esco ��� i 2 �g�g Form Approved by City Attorne �
Ado d by Counci - Date
ertified Y• ed by retary BY �
gy,
t�pp by Mavor: D � (Iit a �i' 14�Q Approve b Mayor for Submission to Council
` B V� 1�^�v ����1�" • -
BY — - — Y
�,� �Ut 21 1979
, . ��. . � .
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• �'I R 8�1� / �
• Resolution No. 1505
RESOLUTION OF
TH�; P012T AUTHORITY OF THE CITY OF SAINT PAUL
WHEREAS, the purpose of Cha�ter 474, Minnesota
Statutes, known as the tdinnesota Municipal Industrial Develop-
ment Act (hereinafter called "Act") as found and determined by
the ley islature is to promote the welfare of the state by the
active attraction and encouragement and development of economi-
cally sound industry and commerce to prevent so far as possible
the er�lergence of bliyhted and maryinal lands and areas of
chronic unemployment and to aid in the development of existing
areas of bliyht, maryinal land and persistent unemployment; and
WHEREAS, factors necessitating the active promotion
and development of economically sound industry and commerce are
the increasing concentration of population in the metropolitan
areas and the ra�idly rising increase in the amount and cost of
yovernmental services required to meet the needs of the
increased population and the need for development of land use
which �ill provide an adequate tax base to finance these �
increased costs and access to employment opportunities for such
population; and .
WH�REAS, The Port Authority of the City of Saint Paul
(the "Authority") has received fron Beatrice Foods Co. , a
Delaware corporation (hereinafter referred to as "Company") a
request that the Authority issue its revenue bonds to finance
� the acquisition, installation and construction of a warehouse
and distribution center (hereinaf ter collectively called the
"Project" ) in the City of St. Paul, all as is more fully
descr�ibed in the staff report on file; and
� WHEREAS, the Authority desires to facilitate tne
selective development of the community, to retain and improve
its tax base and to help it provide the range of services and
employment opportunities required by its population, and said
Project will assist the City in achieving that objective. Said
Project will help to increase the assessed valuation of the
City and help maintain a positive relationship between assessed
valuation and der�t and enhance the image and reputation of the
City; and
� ' : � i .
'` � 0 R��� � >
WHEREAS, the Project to be financed by revenue bonds •
will result in substantial employnent opportunities in the
Project; :
6�HEKEAS, the Authority has been advised by repre-
sentatives of the Company that conventional, commercial
financing to pay the capital cost of the Project is available
� only on a 1 uaited basis and at such hiyh costs of borrowing
that the economic feasibility of operating the Project would be
significantly reduced, but the Company has also advised this
Authority that with the aid of revenue bond financing , and its
resulting low borrowinq cost, the Project is economicaily more.
feasible;
' WHEREAS, Miller & Schroeder Municipals, Inc. ( the
"Underwriter") has made a proposal in an agreement ( the
"Placement Agreement" ) relating to the sale of the revenue
bonds to be issued to finance the Project;
WHEKEAS, the Authority, pursuant to Minnesota
Statutes, Section 474. 01, Subdivision 7b did place a notice, a
copy of which with proof of publication is on file in the
office of the Authority, of a public hearing on the proposal of
the Company that the Authority finance the Proj�ect hereinbefore
described by the issuance of its industrial revenue bonds; and
WHEREAS, the Authority did conduct a public hearing
pursuant to said notice at which hearing all persons who
appeared at the hearing were given an opportunity to express
their views with respect to the proposal. .
NOW, THEREFORE, BE IT RESOLVED by the Commissioners
of the Port Authority of the City of Saint Paui, Minnesota as
follows :
1 . On the basis of information available to the
Authority it appears, and the Authority hereby finds, that said
Project constitutes properties, used or useful in connection
with one or more revenue produciny enterprises engaged in any
business within the meaning of Subdivision 1 of Section �74. 02
of the Act; that the Project furthers the purposes stated in
Section 474. 01 of the Act, that the availability of the
financing under the Act and willingness of the Authority to
furnish such financiny will be a substantial inducement to the
Company to undertake the Project, and that the effect of the
Project, if undertaken, will be to encourage the development of
economically sound industry and commerce and assist in the
prevention of the emergence of blighted and marginal land , and
,. t
. � � ,
will help to prevent chronic unemployment, and will help the �
City to retain and improve its tax base and provide the range
, of services and employment opportunities reguired by its
population; and will help to prevent the movemen t of talented
and educated persons out of the state and to areas within the
state where their services may not be as effectively used and
will resul t in more intensive development and use of land
. within the City and will eventually res ult in an increase in
the City' s tax base; and that it is in the best interests of
the port district and the people of the City of Saint Paul and
in furtherance of the general pl an of development to assist the
Company in financing the Project.
2. Subject to the mutual agreer�ent of the Authority,
the Company and the purchaser of the revenue bonds as to the
details of the loan agreement as defined in the Act, and other
documents necessary to evidence and effect the financing of the
Project and the issuance of the revenue bonds, the Project is
hereby approved and authorized and the issuance of revenue
bonds of the Authority in an amount not to exceed approximately
$3,500,000 (other than such additional revenue bonds as are
needed to complete the Project) is authorized to finance the
costs of the Project. � �
3. In accordance with Subdivision 7a of Section
� 474.01, Minnesota Statutes, the Executive �ice-President of the
AUTHORITY is hereby authorized and directed to submit the
proposal for the above described Project to the Commissioner of
Securities, requesting her approval, and other officers,
employees and agents of the AUTHORITY are hereby authorized to
provide the Commissioner with such preliminary info nnation as
she may require.
4. .There has heretofore been filed with the
Authority a form of Preliminary Agreement between the Authority
and Company, relating to the proposed construction and
financing of the Project and a fo rm of the Piacement Agreement.
The fo rm of said Agreements have been examined by the
Commissioners. It is the purpose of said Agreements to
evidence the commitznent of the parties and their intentions
with respect to the proposed Project in order that the Company
may proceed without delay with the commencement of the
acquisition, installation and construction of the Project with
the assurance that there has been sufficient "official action"
under Section 103 ( b) of the Internal Revenue Cod e of 1954, as
amended , to allow for the issuance of industrial revenue bonds
( including , if deemed appropriate, any interim note or notes to
.'
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>
provide temporary financing thereof) to finance the entire cost �
of the Project upon agreement being reached as to the ultimate
details of .the Project and its financiny . Said Agreements are
hereby approved, and the President and Secretary of the
Authority are hereby authorized and directed to execute said
Agreements.
. 5. Upon execution of the Preliminary Agreement by
- the Company, the staff of the Authority are authorized and
directed to continue neyotiations with the Company so as to ,
resolve the remaining issues necessary to the preparation of
the loan agreement and other documents necessary to the
adoption by the Authority of its final bond resolution and the
issuance and delivery of the revenue bonds; provided that the
President (or Vice-President if the President is absent) and
the Secretary (or Assistant Secretary if the Secretary is
absent) of the Authority, or if either of such of f icers (and
his alternative) are absent, the Treasurer of the Authority in
lieu of such absent officers, are hereby authorized in
accordance with the provisions of Minnesota Statutes, Section
475.60, Subdivision 1, to accept a final offer of a purchaser
to purctlase said bonds and to execute a purchase agreement
settiny forth such offer on behalf of the Authority. Such ��
acceptance shall bind the purchasers to said offer but shall be
sub�ect to approval and ratification by the Port Authority in a
formal supplemental bond resolution to be adopted prior to the
delivery of said revenue bonds. -
6. The revenue bonds and interest thereon shall not
constitute an indebtedness of the Authority or the City of
Saint Paul within the meaning of any constitutional or
statutory limitation and shall not constitute or give rise to a
pecuniary liability of the Authority or the City or a charge
against their general credit or taxing powers and neither the
f ull faith and credit nor the taxing powers of the Authority or
the City is pledged for the payment of the bonds or interest
thereon.
7. In order to facilitate completion of the revenue
bond financing herein contemplated, the City Council is hereby
requested to consent, pursuant to Laws of Minnesota, 1976,
Chapter 234, to the issuance of the revenue bonds herein
contemplated and any adc�itional bonds which the Authority may
prior to issuance or from time to time thereafter deem
necessary to complete the Project or to refund such revenue
bonds ; and for such purpose the Executive Vice President of the
Authority is hereby authorized and directed to forward to the
City Council copies of this resolution and said Preliminary
Agreement and any additional available information the City
Council ;nay request.
. � ` . c � �
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8. The actions of the Executive Vice-President of
the Authority in causing public notice of the public hearing �
, and in describing the general nature of the Project and
. r estimating :the principal amount of bonds to be issued to
finance the Project and in preparing a draft of the proposed
f application to the Commissioner of Securities, State of
� Minneso ta, for approval of the Project, which has been
r available for inspection by the public at the office of the
;E Authority from and after the publication of notice of the
_ �� heariny, are in all respects ratified and confirmed.
� Adopted � � �
�
,
Attest � ���� `-^ � �
r
, n
,--:, The Port Authority of the City
�" / � of Saint Paul
'� re tary
�
������
PORT AUTHORITY OF THE CITY OF SAINT PAUL
1130 MINNESOTA BUILDING, 4TH AND CEDAR, SAINT PAUL, MINN. 55101, PHONE (612) 224-5686
� June 25, 1919
Mr. Gary Stout
Director
Department of Pianning and Economic Development
Lowry Annex
St. Paul , Minnesota 55102
SUBJECT: BEATRICE FOODS CO., INC. (FISHER NUT C0. DIVISION)
$3,500,000 REVENUE BOND ISSUE
Dear Gary: ,
We submit herewith for your review and referral to the office of the
�M yar,. City Council and the City Attorney's office details pertaining
to the issuance of revenue bonds to finance the construction of a
78,000 square foot regionai distribution facility for the Fisher
Nut Co. Division of Beatrice Foods Co., Inc. The company wi11 also
be acquiring additional equipment for storage and handling of their
confectionary and snack foods.
In addition to the staff inemorandum, we are attaching a draft copy
of the proposed City Council Resolution and a copy af Port Authority
Resoiution No. 1505 which authorized the sale of bonds in the amount
of $3,500,000.
Your expeditious handiing of this matter will be appreciated.
o rs truly,
ugene A. Kraut
Assistant Executive
Vice President
EAK:jmo
cc: R. Broeker
FOBERT i. SPRAFNA EUGEME A. KR�UT. C.I.D. � DONwLD G. DUNSMEE. C.I.D. CI�FFORD E. RAMfTED ROSCOE C. BROWN
E%ECUTIVE VICE PliES�DENT �S6��TwNT EkECUTIVE VICE PRESIDENT D�AECTOR. �NOUSTR�AL DEVELOPMENT CN�EF ENGINEER CMIEi ACCOUNTwNT
GOMMISSIONERS GEOaGE W. W�1+TER ROSALIE L. BUTLER ARTMUR N. GOOOM�N G. RICMARO S��DE RUBY MVNT LOU15 M, MEYEliS M'iL���M J. SEiFEFT
PRES�DENT VICE PRESIDENT SECNET�RY TqE�SURER
� C.I.D. Certified Industrial Developer �b z
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_ F��� it T
� AUTHORITY
OF THE CITY OF ST. PAUL
Memorondum
TO: Board of Co 'ssioners �Af� June 22, 1979
Meeting Ju 2 1979
FROM: D. G. Dun
SUBJC�C7: BEATRICE FOODS CO., INC. (FISHER NUT C0. DIVISION)
$3,500,000 REVENUE BOND ISSUE
PRELIMINARY AND LOAN AGREEMENT
RESOLUTION N0. 1505
1 . THE COMPANY
Beatrice Foods Co. is a diversified international company based in
Chicago. In 1979 Beatrice Foods had net sales of $7,468,373,000 and �
a net worth of $1 ,000,836,972.
Beatrice Foods Co. owns Fisher Nut Co, located at 2327 Wycliff in St.
Paul . Fisher Nut Co. started in St. Pau1 in 1920 and was acquired by
Beatrice Foods in 1962. The company has been a major industrial employer
and member of the community for almost 50 years.
2. THE PROJECT
The company proposes to construct a new regional distribution facility
containing 78,000 square feet. In addition to the construction of the
new distribution facility, they will be acquiring additionaI equipment
for storage and handling of their confectionary and snack foods.
The company has determined that the project will require extensive
piling because of poor subsoil conditions. Besides the extensive
piling, they will be installing conveyors in the building costing
approximately $350,000 and blacktopping and landscaping the area on
which the new building w.ill be built.
Under amendments to Chapter 474, approved by the Minnesota Legislature
this spring, the Port Authority published notice in the Legal Ledger
and the St. Paul Dispatch-Pioneer Press on June 9 and 11 respectively
that the proposed project would be considered by the Port Authority
Cortmission on Tuesday, June 26. This meets the requirements of the
statute. If the project is approved by the Commission today, a formal
application will be submitted to the Commissioner of Securities before
the loan agreement can be closed.
On March 2, 1979, the Port Authority notified District 10 of the
proposed expansion of the Fisher Nut Co, facility. As of today the
Port Authority has received no written or oral corr�nunication regarding
the project.
, { .
�
Board of Commissioners
June 22, 1979
Page -2-
3. FINANCING
The proposed financing would be done under a loan agreement outside '
of Resolution No. 876. The loan would be privately placed by Miiler /
& Schroeder Municipals, and the Port Authority would have no liability
under the ioan agreement.
4. TERMS OF THE LOAN AGREEMENT
The proposed loan agreement would be for a 30-year period comrnencing
September 1 , 1979 and terminating August 31 , 2009, with the company
paying interest orrly during the term and a principal balloon at the
end. The interest would be paid on a level monthly basis. The Port
Authority would collect its fiscal and administrative fees over the
term as follows:
First 10 years $1 ,050 per month or $12,600 per year
Second 10 years 1 ,400 per month or 16,800 per year
Fina1 10 years 1 ,750 per month or 21 ,000 per year
Staff estimates that the addition will provide an additional $102;150
in real estate taxes for the City and provide 80 new jobs far St. Paul .
�. RECOMMENDATION
Staff has reviewed the project in detail , interviewed the financial
officers of the parent corporation, and recommends approval of the
preliminary and loan agreement by Resolution No, 1505, which authorizes
the issuance of $3,500,000 in revenue bonds.
DGD:jmo
WHITE - CITV CLERK
PINK - FINANCE C I TY OF SA I NT PAU L Council �
CANARV - DEPARTMENT
BLUE - MAVOR File �O.
� Co�ncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
1 . On June 26, 1979, the Port Authority of the City of Saint Paul adopted Resolution
No. 1505, giving preliminary approval to the issuance of revenue bonds in the initial
principal amount of approximately $3,500,000 in revenue bonds for the purpose of financing
the construction of a 78,000 square foot regional distribution facility for the Fisher Nut
Co. Division of Beatrice Foods Co., Inc.
2. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds
authorized by the Port Authority of the City 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 law;
3. The Port Authority of the City of Saint Paul has requested that the City Council
gi.ve its requisite consent pursuant to said law to facilitate the issuance of said revenue
bonds by the Port Authority of the City of Saint Paul , subject to final approval of the
details of said issue by the Port Authority of the City of Saint Paul .
RESOLVED, by the City Council of the City of Saint Paul , that in accordance with Laws
of Minnesota 1976, Chapter 234, the City Council hereby consents to the issuance of the
.aforesaid revenue bonds for the purposes described in the aforesaid Port Authority Resolution
No. 1505, the exact details of which, including, but not limited to, provisions relating
to maturities, interest rates, discount, redemption, and for the issuance of additional
bonds are to be determined by the Port Authority, pursuant to resolution adopted by the
Port Authority, and the City Council hereby authorizes the issuance of any additional
bonds (including refunding bonds) by the Port Authority, found by the Port Authority to
be necessary for carrying out the purposes for which the aforesaid bonds are issued.
COU[VCILMEN Requested by Department of:
Yeas Nays
Butler [n Favor
Hozza
Hunt
Levine _ Against BY
Maddox
Showalter
Tedesco Form Approved by City Attorney
Adopted by Council: Date
Certified Passed by Council Secretary By
B�
Approved by Mavor: Date Approved by Mayor for Submission to Council
gy __ _ BY
.
� ' �
.� .
• Resolution No. 1505
RESOLUTION OF
TH� PORT AUTHORITY OF THE CITY OF SAINT PAUL
WHEREAS, the purpose of Chapter 474, Minnesota
Statutes, known as the Minnesota Municipal Industrial Develop-
ment Act (hereinafter �alled "Act") as found and determined by
the legislature is to promote the welfare of the state by the
active attraction and encouragement and development of economi-
cally sound indu5try and commerce to prevent so far as possible
the ernergence of bliyhted and marginal lands and areas of
chronic unemployment and to aid in the development of existing
areas of bliyht, maryinal land and persistent unemployment; and
WHEREAS, factors necessitating the active promotion
and development of economically sound industry and commerce are
the increasing concentration of population in the metropolitan
areas and the rapidly rising increase in the amount and cost of
yovernmental services required to meet the needs of the
increased population and the need for development of land use
which �ill provide an adequate tax base to finance these �
increased costs and access to employment opportunities for such
- population; and .
t�TH�REAS, The Port Authority of the City of Saint Paul
( the "Authority") has received fron Beatrice Foods Co. , a
Delaware corporation (hereinafter referred to as "Company" ) a
request that the Authority issue its revenue bonds to finance
the acquisition, installation and construction of a warehouse
and distribution center (hereinaf ter collectively called the
"Project" ) in the City of St. Paul, all as is more fully
descr�ibed in the staff report on file; and
� WHEREAS, the Authority desires to facilitate the �
selective development of the community, to retain and improve
its tax base and to help it provide the range of services and
employment opportunities required by its population, and said
Project will assist the City in achieving that objective. Said
Project will help to increase the assessed valuation of the
City and help maintain a positive relationship between assessed
valuation and debt and enhance the image and reputation of the
City; and
, �
,� � s
WHEREAS, the Project to be financed by revenue bonds •
will result in substantial employnent opportunities in the
Project; : �
WHEREAS, the Authority has been advised by repre-
sentatives of the Company that conventional, commercial
financing to pay the capital cost of the Project is available
� only on a 1 vnited basis and at such hiyh costs of borrowing
that the economic feasibility of operating the Project would be
significantly reduced, but the Company has also advised this
Authority that with the aid of revenue bond financing , and its
resulting low borrowing cost, the Project is economically more
feasible;
� WHEREAS, Miller & Schroeder Municipals, Inc. ( the
"Underwriter") has made a proposal in an agreement ( the
"Placement Aqreement" } relating to the sale of the revenue
bonds to be issued to finance the Project;
WHEKEAS, the Authority, pursuant to Minnesota
Statutes, Section 474. 01, Subdivision 7b did place a notice, a
copy of which with proof of publication is on file in the .
office of the Authority, of a public hearing on the proposal of
the Company that the Authority finance the Proj�ect hereinbefore
described by the issuance of its industrial revenue bonds; and.
WHEREAS, the Authority did conduct a public hearing
pursuant to said notice at which hearing all persons who
. appeared at the hearing were given an opportunity to express
their views with respect to the proposal.
NOW, THEREFORE, BE IT RESOLVED by the Commissioners
of the Port Authority of the City of Saint Paul, Minnesota as
follows :
1 . On the basis of information available to the
Authority it appears, and the Authority hereby finds, that said
Project constitutes properties, used or useful in connection
with one or more revenue produciny enterprises engaged in any
business within the meaning of Subdivision 1 of Section 5�74. 02
of the Act; that the Project furthers the purposes stated in
Section 474. 01 of the Act, that the availability of the
financing under the Act and willingness of the Authority to
furnish such financing will be a substantial inducement to the
Company to undertake the Project, and that the effect of the
Project, if undertaken, will be to encourage the development of
economically sound industry and commerce and assist in the
prevention of the emergence of blighted and marginal land , and
. �
will help to prevent chronic unemployment, and will help the •
City to retain and improve its tax base and provide the range
, of services and employment opportunities required by its
population; and will help to prevent the movemen t of talented
and educated persons out of the state and to areas within the
state where their services may not be as effectively used and
will resul t in more intensive development and use of land
. within the City and will eventually result in an increase in
the City' s tax base; and that it is in the best interests of
the port district and the people of the City of Saint Paul and
in fur therance of the general plan of development to assist the
Company in financing the Project.
2. Subject to the mutual ag reement of the Authority,
the Company and the purchaser of the revenue bonds as to the
details of the loan agreement as defined in the Act, and other
documents necessary to evidence and effect the financing of the
Project and the issuance of the revenue bonds, the Project is
hereby approved and authorized and the issuance of revenue
bonds of the Authority in an ariount not to exceed approximately
$3,500,000 (other than such additional revenue bonds as are
needed to complete the Project) is authorized to finance the
costs of the Project. �
3 . In accordance with Subdivision 7a of Section
� 474.01, Minnesota Statutes, the Executive �ice-President of the
AUTHORITY is hereby authorized and directed to submit the
proposal for the above described Project to the Commissioner of
_ Securities, requesting her approval, and other officers,
employees and agents of the AUTHORITY are hereby authorized to
provide the Commissioner with such preliminary information as
she may require.
4. .There has heretofore been filer] with the
Authority a form of Preliminary Agreement between the Authority
and Company, relating to the proposed construction and
financing of the Project and a fo rm of the Placement Agreement .
The form of said Agreements have been examined by the
Commissioners. It is the purpose of said Agreements to
evidence the commitment of the parties and their intentions
with respect to the proposed Project in order that the Company
may proceed without delay with the commencement of the
acquisition, installation and construction of the Project with
the assurance that there has been sufficient "official action"
under Section 103 ( b) of the Internal Revenue Cod e of 1954 , as
amended , to allow for the issuance of industrial revenue bonds
( including, if deemed appropriate, any interim note or notes to
� s
� provide temporary financing thereof) to finance the entire cost •
of the Project upon agreement being reached as to the ultimate
details of .the Project and its financiny . Said Agreements are
hereby approved, and the President and Secretary of the ---
Authority are hereby authorized and directed to execute said
Agreements.
, 5. Upon execution of the Preliminary Agreement by
the Company, the staff of the Authority are authorized and
directed to continue neyotiations with the Company so as to ,
resolve the remaining issues necessary to the preparation of
the loan agreement and other documents necessary to the
adoption by the Authority of its final bond resolution and the
issuance and delivery of the revenue bonds; provided that the
President (or Vice-President if the President is absent) and
the Secretary (or Assistant Secretary if the Secretary is
absent) of the Authority, or if either of such officers ( and
his alternative) are absent, the Treasurer of the Authority in
lieu of such absent officers, are hereby authorized in
accordance with the provisions of Minnesota Statutes, Section
475. 60, Subdivision 1, to accept a final offer of a purchaser
to purcliase said bonds anc� to execute a purchase agreement
settiny forth such offer on behalf of the Authority. Such �
acceptance shall bind the purchasers to said offer but shall be
sub�ect to approval and ratification by the Port Authority in a
formal supplemental bond resolution to be adopted prior to the
delivery of said revenue bonds. �
6. The revenue bonds and interest thereon shall not
constitute an indebtedness of the Authority or the City of
Saint Paul within the meaning of any constitutional or
statutory limitation and shall not constitute or give rise to a
pecuniary liability of the Authority or the City or a charge
against their general credit or taxing powers and neither the
full faith and credit nor the taxing powers of the Authority or
the City is pledged for the payment of the bonds or interest
thereon.
7. In order to facilitate completion of the revenue
bond financing herein contemplated, the City Council is hereby
requested to consent, pursuant to Laws of Minnesota, 1976,
Chapter 234, to the issuance of the revenue bonds herein
contemplated and any additional bonds which the Authority may
prior to issuance or from time to time thereafter deem
necessary to complete the Project or to refund such revenue
bonds ; and for such purpose the Executive Vice President of the
Authority is hereby authorized and directed to forward to the
City Council copies of this resolution and said Preliminary
Agreement and any additional available information the City
Council �nay request.
.
. . � �
' 8. The actions of the Executive Vice-President of
the Authority in causing public notice of the public hearing �
and in describing the general nature of the Project and
estimating �the principal amount of bonds to be issued to
. finance the Project and in preparing a draft of the proposed
� application to the Commissioner of Securities, State of
' Minneso ta, for approval of the Project, which has been
+ available for inspection by the public at the office of the
. ,E Authority from and after the publication of notice of the
_ -� heariny, are in all respects ratified and confirmed.
Adopted ^
� �
l /
Attest �
� ,�1� �LCt� �._ . ,
� P'�e�i,d�n
. f
The Port Authority of the City
�-�^ �/ of Saint Paul
�' ;
'� re tary