269577 �
WHITE - CITY CLERK COUIICll •FCp5�' {
PINK - FINANCE G I TY O F SA I NT PA U L 1 ,�U�� �
CANARV - DEPARTMENT /
BLUE - MAVOR Flle NO.
_
ouncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
1. On July 19, 1977, the Port Authority of the City of Saint Paul , adopted
Resolution No. 1218, giving preliminary approval to the issuance of revenue bonds in the
initial principal amount of approximately $2,815,000.00 to finance the remodeling of the
Capri Hotel by Dome Enterprises, Inc.
2. Laws of Mir�nesota 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 1aw;
3. The Port Authority of the City of Saint Paul , has requested that the City
Council gi�re 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
approximately $2,815,000.00 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 , th�rt 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. 1218 in the initial principal amount of approximately $2,815,000.00 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.
COUNC[LMEN
Yeas Nays Requested by Department of:
Butler r/ (n Favor
Hozza
Hunt 1
Levine v __ Against BY
Roedler
�
Tedesco
;�,�j� � � ��� Form Approved by City Attorney
Adopied by Council: Date
✓
Certified I-' . ed Cou c.il Secret�ry BY
��Q�-
Appr ved by M or ate puG 12 197 Ap ed by Mayor for S is on to Council
gY B
- PUBLISHED AUG 2 O ��?7