268944 WHITE - CITV CLERK COUIICIl ���1��� ��
PINK - FINANCE GITY OF SAI�NT PAiTL �..���
� CANARY - DEPARTMENT
BLUE - MAYOR File NO.
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C n i Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
1 . On April 5, 1977, the Port Authority of the City of Saint Paul , adopted
Resolution No. 1170, giving preliminary approval to the issuance of revenue bonds in the
initial principal amount not to exceed $12,500,000.00 to finance a revenue producing
hospital facility for St. Joseph's Hospital .
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 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 ;
4. It is estimated that the initial principal amount of said bonds will be not
more than $12,500,000.00 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. 1170 in the initial principal amount of not to exceed $12,500,000.00 at
a net interest cost of not to exceed 8�, 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.
COUNCILMEN R uested b De artment of:
Yeas Nays '�` � Y p
Butler � In Favor
Hozza
�herrC'
Levine � _ Against BY
Roedler
Sylvester
��+ a�� � 6 �9n� Form Approved by it ttor
Adopted by ncil: Date '
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Cert 'ed Pa. y Cou . 1 Secretary BY
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Appro e by iVlayor. Date APR 2:8 1977. Appro d by Mayoc for Sub ' sio Council
By BY
PUBLISHED �,�AY �i 1977
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EXPLANATION OF A}3MINISTRATIVE �RDER�, ����� : �,;
RESOLUTIONS, ADiD ORDINANCES �_
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Date: April '6, 197Z
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Tt}s MAYO RGE LATIMER : , `
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F�: Eugene . , St. Paul Port Authority ;;
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RE: ST. J�SE �S N4�PITAL. , , , . , ., , �;
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ACTIO'N REQITES'T�D: �
In accordance with Lar� of Minnesata 1976, Cha�t�er 234, it is r�q�ested that the �
, City Council by. Resolution, a draft ct�py of wF��ctr is attached hereto, �approYe the ; '
issuance of'ap ta $T2,50a,000 in revenue bands. ': It fs desirable t� t�ke th�s �
fin�ncing available to the HospitaT A�sociation bECausE of th� excel�-er�t ��Fr�ancial �
standing Qf tF�e organfzatfion and the .need.to make improve�nts to � fae�€�ity thet ' -�
o�era�es fn a highly successfuT manner �,nd, who a� the time of thi s bond i s-su�, wf l�l �
have no other. debt otfier than tt�e abtig�tion to r�tire this issue. . �
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PURPOSE AND RA.TIC?NAT,E FOR THIS ACTTON: �
Haspftatl ffnan�tng throuqhout the state of Mfinneso.ta has histo�icatl�� b��r� a�ct�mptish�d '
by a combinatton '�f fund drives and syndi�ated fit�a�c3ng by $ever�l .]ocal lendi;ng �.�
#nstttutiarrs. The enactment af �rppropria�e legis`ta�ian by the State a� Mtnnes+�ta ;�
now pe�afts 'the financfiir�g of hospitai expansia�s or new c�nstruction r��th �t� praceed� :�
from reve�ue bonds thereby making avaflable to hvspital organti�tf.ons longer term '
financ�tng �t: io�r cost. St. Jose�h's Hospita} is a part of a vital`c�u�iity Eios�i�al �
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ystem wf��cM is of fmportance to the City of St., Paul . The staff m�randtan to the .
Baard of Commissioners and the :constructi•on fund atlloc�tia�ts pr�v�de ft�wther d���t.1s. ° ��
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ATTACHME1ti1TS: , i
S�aff Nfemorandum , _ .
L.�tter from St. ,loseph's Hospi tat
` Draft City Council. Resolu�ifln � � �
Underwr�i�rs Agreemertt _
Des�riptfan. o�F Construction
Port Authority Resolution No. 11`70 dated April 5, :1977 ' .