269579 WHI7E - CITV CLERK COIlI1C11 26�5'79 �
PINK - FINANCE GITY OF SAINT PALTL
CANARY - DEPARTMENT
BLUE - MAVOR File NO.
,
C 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 N�o: 1224, giving preliminary approval to the issuance of revenue bonds in
the initial principal amount not to exceed $145,000 to finance the completion of the
facility and covers in part work already completed.
2. Laws of Minnesota 1976, CMapter 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 Sa9nt 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 detai ls of sai d i ssue by the Port Authori ty of the Ci ty of Sai nt Paul .
4. It is estimated that the initial principal amount of said bonds will be not
more than $145,000 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. 1224 in the initial princjpal amount of not to exceed $145,000 at a net
jnterest cost of not to exceed 8%, the exact details of which, including, but not
limited to, provisions relating to maturities, interest rates, discount, rederr�tion,
and for the issuance of additional bonds, are to be determined by the Port Authority,
pursuant to resolution adopted by the Port Authorlty, and the Cjty Council hereby
authorizes the issuance of ar�y 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
Yeas Nays / Requested by Department of:
Butler l�
Hozza In Favor
Hunt (/
Levine __ Against BY
Roedler
�r
Tedesco AVs
� � �977 Form Approved by City Attorney
„Adopted by Council: Date
Certified Pa ed y uncil .ecretary- BY
sy
Appr ved by 17a o ate y Appr ed by Mayor for b� on to Council
By BY
QUBUSHEO AUG 2 Q 1977