269578 WH17E - CITV CIERK COIIIICII 2695'78 .
PINK - FINANCE GITY OF SAINT PAUL
CANARY - DEPARTMENT
BLUE - MAYOR File NO.
Co ncil 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. 1220, giving preliminary approval to the issuance of revenue bonds in
the initial principal amount not to exceed $485,000 to finance a warehousing and
distribution facility for Price_E]ectric, Inc. on a site adjacent to their present
facility in Riverview Industrial Park.
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 Authori ty of the Ci ty of Sai nt Paul , has requested that the Ci ty Counci 1
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 $485,000 and that the net interest cost applicable to sajd issue will not
exceed 8%, now, therefare, 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. 1220 in the initial amount of not to exceed $485,000 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 (jncluding refundjng bonds) by the Port Authority,
found by the Port Authority to be necessary for carrying out the purposes for which
aforesaid bonds are issued.
COUNC[LMEN
Yeas Nays / Requested by Department of:
Butler � In Favor
Hozza
Hunt
Levine `� __ Against BY
Roedler
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Tedesco �(j� � � ���] Form Approved by City Attorney
Adopted by Council: Date
Certified P�_ ed y uncil ecretary � BY
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B�
Appro ed by � e `L �97? A oved by Mayor fo ub 's ion to Council
By BY
, PUBLISHED AUG 2 0 �977
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