272602 WHITE - CITY CLERK ��
PINK - FINANGE 7F COUI�CIl �r��� .�
CANARY - DEPARTMENT GITY OF SAINT 1,AUL •
BLUE - MAYOR File NO.
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
1 . On March 6, 1979, the Port Authority of the City of Saint Paul adopted Resolution
No. 1462, giving preliminary approval to the issuance of revenue bonds in the initial
principal amount of approximately $1 ,000,000 to complete the financing of the Radisson
Plaza Hotel atap the Port Authority financed parking ramp being constructed on Block A
by the St. Paul Joint Venture.
2. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bands
authorized by the Port Autharity 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
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 Sai�t Paul .
4. It is estimated that the initial principal amount of said bonds will be approxi-
mately $1 ,000,000 and that the net interest cost applicable to said issue will not exceed 8%,
now, therefore, be it
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. 1462 in the initial principal amount of $1 ,000,000 at a net interest cost of not to
exceed 8%, the exact details of which, including, but not limited to, provisians 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 Autharity, and the City Council hereby autharizes 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.
COUNCILMEN Requested by Department of:
Yeas Nays �
Butler
Hozza [n Favor
J�t �,/
Levine _ v _ Against BY —
Roedler
S ylvester
�•e�i'esc° � �
�� Form Approved by City Attorney
Adopted by uncil Date
Cert ed Pas � y Council S retaty BY
B, ( �
Ap o by :Vlavor: Da �..�, YAA 9 1979 Approved b Mayor for Submissio Council
By BY
rus�tst��� MAR 1 ? 1979 -