96-1176 � � � � � i , �i � Council File � � •� �.
-� �,� ,
' " Green Sheet ,� � � S�
RESOLUTION
CITY OF SAINT PAUL,MINNESOTA a�p
Presented By
Referred To Committee: Date
1 RESOLUTION APPROVING AND AUTHORIZING THE ISSUE
2 OF PORT AUTHORITY TAX INCREMENT REVENUE
3 REFUNDING BONDS AND THE EXECUTION OF A
4 RELATED AMENDED AND RESTATED JOINT POWERS AGREEMENT
5
6
7 WHEREAS:
8
9 1. Pursuant to the terms of a Second Amended and Restated Joint Powers Agreement
10 (the "Joint Powers Agreement") between the City of Saint Paul (the "City") and the Port Authority of
11 the City of Saint Paul (the "Port Authority"); a Supplement to Second Amended and Restated Joint
12 Powers Agreement (the "Supplemental Agreement") among the City, the Housing and
13 Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") and the Port Authority;
14 and an Indenture of Trust dated as of December 1, 1991 (the "Indenture"), executed by the HRA
15 and First Trust National Association, in Saint Paul, Minnesota (the "Trustee"), the HRA has
16 previously issued on behalf of the Port Authority (a) Tax F�cempt Tax Increment Bonds (Energy Park
17 Project) Series 1991-A (the "Tax Exempt Tax Increment Bonds°) in the principal amount of
18 $1,755,000 to refund a portion of the outstanding principal of the Port Authority's Industrial Park
19 Revenue Bonds, Series 1985; and (b) Taxable Tax Increment Revenue Bonds (Energy Park Project)
20 Series 1991-B (the "Taxable Tax Increment Bonds") in the principal amount of$4,935,000 to finance
21 a portion of the costs of a project consisting of the former ETA facility in Saint Paul Energy Park by
22 Ryan St. Paul Limited Partnership.
23
24 2. Pursuant to the terms of the Joint Powers Agreement, the Supplemental Agreement
25 and a Joint Pledge Agreement (the "Joint Pledge Agreement") among the City, the Port Authority,
26 the HRA and the Trustee, the City, the Port Authority and the HRA have authorized and pledged
27 Energy Park tax increment (the "Tax Increments") to be used for the payment of the Tax Exempt
28 Tax Increment Bonds and the Taxable Tax Increment Bonds, on a parity lien basis, subject to the
29 pledge of Tax Increments to certain obligations having a prior lien thereon.
30
31 3. It has been proposed that the Port Authority issue its Taxable Subordinate Lien Tax
32 Increment Refunding Bonds, Series 1996 (Energy Park Tax Increment District) (the "Refunding
33 Bonds") in the approximate principal amount of$4,500,000 to refund the Taxable Tax Increment
34 Bonds, and that the Joint Pledge Agreement referred to above be amended to reflect the
35 continuing pledge of Tax Increments to the payment of the Tax Exempt Tax Increment Bonds and
36 the Refunding Bonds on a parity lien basis.
37
38 4. The form of the Amended and Restated Joint Pledge Agreement has been submitted
39 to the City Council for approval.
40
41 5. Minnesota Statutes, Section 469.084, Subdivision 11 provides that any issue of
42 revenue bonds authorized by the Port Authority shall be issued only with the consent of the City
43 Council of the City, by resolution adopted in accordance with law.
44
� �•���4
1 6. The HRA and the Port Authority have requested that the City Council authorize the
2 execution of the Amended and Restated Joint Pledge Agreement, referred to above, and the
3 issuance of the Refunding Bonds by the Port Authority.
4
5 RESOLVED by the City Council of the City of Saint Paul as follows:
6
7 1. The City hereby consents to the issuance of the Refunding Bonds by the Port
8 Authority, in accordance with Minnesota Statutes Section 469.084, subdivision 11, for the purpose
9 of refunding the Taxable Tax Increment Bonds. The exact details of the Refunding Bonds,
10 including, but not limited to, provisions relating to principal amount, maturities, interest rates,
11 discount, redemption, and for the issuance of additional bonds, are to be determined by the Port
12 Authority, pursuant to a resolution adopted by the Port Authority, and the City Council hereby
13 authorizes the issuance of the additional bonds found by the Port Authority to be necessary for
14 refunding the Refunding Bonds.
15
16 2. The City Council hereby approves and authorizes the Mayor, Clerk and Director,
17 Department of Finance and Management Senrices to execute the Amended and Restated Joint
18 Pledge Agreement (the "Pledge Agreement") in substantially the form currently on file. Any other
19 documents, agreement and certificates necessary to the transaction described above shall also be
20 executed by the appropriate officers of the City.
21
22 3. The Mayor and Clerk and other officers of the City are authorized and directed to
23 prepare and furnish certified copies of all proceedings and records of the City relating to the
24 transaction described above, and such other affidavits and certificates as may be required to show
25 the facts relating to the legality of the Pledge Agreement as such facts appear from the books and
26 records in the officer's custody and control or as otherwise known to them; and all such certified
27 copies, certificates and affidavits, including any heretofore furnished, shall constitute representations
28 of the City as to the truth of all statements contained therein.
29
30 4. The approval hereby given to the Pledge Agreement includes approval of such
31 additional details therein and such modifications thereof, deletions therefrom and additions thereto
32 as may be deemed necessary and appropriate, and be approved by the City's staff. The execution
33 of any instrument by the appropriate officer or officers of the City herein authorized shall be
34 conclusive evidence of the approval of such documents in accordance with the terms hereof. In
35 the absence of the Mayor, Clerk and Director, Department of Finance and Management Services,
36 any of the documents authorized by this resolution to be executed may be executed by any other
37 appropriate officers.
Yeas Navs Absent Requested by Department of:
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Adopted by Council: Date �„_.�_�S_ �qq` Form A ve by Cit orney
Adoption Certified by Council Secretary
By:
By:
Approved by Ma r: Date %�j Approved by Mayor for Submission to
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BY e � ��ji�,MrX�7
By:
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OEPMAIUAAENTlOFFICEICOUNCIL DATE INITIATED 3 6 7 5 9
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CONTACT PERSON 6 PHONE �w`�, DEPARTMENT DIRECTOR NITI UD CITY COUNCIL INITIAUDATE
�� ,� � ����C N M'BER FOR L�1 CITY ATTORNEY �CITY CLERK
MU3T BE ON COUNCIL A NDA BY(DATE ROUTING �BUDQET DIRECTOR �FIN.&MGT.SERVICES DIR.
.t. �� / ORDER MAYOR(OR ASSISTANn �
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TOTAL#OF SIGNATURE PA(i�S (CLIP ALL LOCATIONS FOR SIGNATURE)
ACTION REQUESTED: � .
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RECOMMENDATIONS:Apprqve(A)or ReJect(R) PERSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWINO QUESTIONB:
_PLANNINO COMMI381QN _ClVIL SERVICE COMMI$$ION �• Has this person/Firm ever worked under a coMrect for this department?
_CIB COMMITTEE _ YES NO
_3TAFF 2. Has this person/firm ever been a city employee?
— YES NO
_DISTRICT COUR7 _ 3. Does this person/firm
possess a skill not normalty possessed by any current city employeeT
SUPPORT3 WHICH COUNCe1L OBJECTIVE7 YES NO
Explain ell yes answen on ppant�shest and attach to prosn sheat ��
INITtATINCi PROBLEM,13SUE,OPPORTUNITY(Who,Whet,When,Wh�re,W�y,: S EP 1 �
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ADVANTAOES IF APPROVED:
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DISADVANTAaE3 IF APPROVED:
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DI3ADVANTAGES IF NOT APPROVED:
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TOTAL AMOUNT OF TRANSACTION S COST/REVENUE BUDGETED(CIRCLE ONE) YES NO
FUNDItiG SOURCE F►h•r►�, `I/—�+/� ��.7 . ACTIVITY NUMBER
FINANCIAL INFORIufATION:(EXPLAIN)