267325 WHI7E - CITV CLERK � t ������
PINK - FINANCE COIlI1C11 �� ��
CANARV - DEPARTMENT � GITY OF SAINT PALTL File NO.
BLUE - MAYOR �
` ' il Resolution
Presented By �
Referred To Committee: Date
Out of Committee By Date
WHEREAS, on May 18, 1976, the Port Authority of the City
of Saint Paul adopted its Resolution No. 1080 authorizing the
issuance of revenue bonds in an amount not to exceed $2,500,000
to finance the cost of acquisition, installat�on and construction
of dock and wharf and ancillary facilities for the handling and
distribution of petroleum products by Barton Enterprises,
Tncorporated; and
WHEREAS, Laws of Minnesota for 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; and
WHEREAS, the Port Authority of the City of Saint Paul hms
requested that the City Council give its requisite consent to
the issuance of said revenue bonds approved by the Port Authority
Resolution No. 1080 to facilitate negotiation of the details of
the bond issue: and underlying security documents in the prompt
issuance of the �nds after adaption by the Port Authority of
its �in�l band resolutions; novs, therefore, be it
RESOLVED, by the Council of the City of Saint Paul that
in accordance with Laws of Minnesota for 1976, Chapter 234, it
hereby consents to the issuance of the revenue bonds authorized
by the Port Authority of the City of Saint Paul set forth in
Port Authority Resolution 1080 and for the purposes set forth
in said resolution, and the City Council does hereby consent to
the issuance of any additional bonds which the Port Authority may
at any time deem necessary to issue to carry out the purposes set
forth in the said itesolution 1080 or to refund such revenue bonds.
COUNCILMEN Requested by Department of:
Yeas Nays �
�� Butler
� Hunt In Favor
Levine �
� Hozza ` � �lgainst Bv �
Tedesco
President ffi�p� � Sylvester
Adopted by Council: Date JUM -3�q�
Form Approved b ity torne
Certified P ed b Co cil Secretary BY
/
By .
App ved by Mayor: a N � Approved by Mayor or Submission to Council
.
BY BY
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OFFICE OF THE CITY ATT
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May 26, 1976
JER�JME J. SEGAL �
Robert Sylvester
Chairman
City Council Finance Committee
704 City Hall
BUILDING
Re: Barton Enterprises, Incorporated -
Port Authority Proposed Revenue Bond Issue
Dear Councilman Sylvester:
The Port Authority, by its Resolution No. 1080 adopted
May 18, 1976, approved the issuance of not to exceed
$2,500, 000 in revenue bonds to construct the facility
for parking enterprises in the Red Rock Port Authority
District, This matter has now been submitted by the
Port Authority to the City Council and its Finance
Committee. In anticipation of your Committee' s con-
sidering this Port Authority request, I have prepared
for your review a City Council resolution approving and
consenting to the proposed revenue bond issue. As you
know, the City Council consent to all revenue bond issues
of the Port Authority is now required by Laws of Minnesota
for 1976, Chapter 234.
Tf I can be of further assistance, or if��� any
further questions, please call me. � D
Your very tr y, �ay Z 6 �975
`\ - OFFlCE �� R�BERT
JERO �. G SY��FSTFR
City ttorn
JJS:cg
cc: Eugene A. Kraut
Assistant Executive Vice President,Port Authority
Bernie Friel, Briggs & Morgan
City Hall, Saint Paul, Minnesota 55102
612 298-5121