264921 WHITE - CITY CLERK �
PINK - FINANCE C01111C11 264921
CANARi - DEPARTMENT GITY OF SAINT PALTL File �NO.
BLUE -MAVOR
� uncil Resolution
Presented By
Refe ed To Committee: Date
Out of Committee By Date
RESOLVED� That the Council of the City of Saint Paul
hereby approves :
� "A bill for an act relating to port authorities ;
setting forth requirements for issuance of
revenue bonds and execution of general obligation
bonds ; amending Minnesota Statutes 1974, Section
458 . �-93, Subdivision 3, and Section 458. 194,
Subdivision 2; repealing Minnesota Statutes
1974, Section 458. 194, Subdivision 3 and Extra
Session Laws 1971, Chapter 35, Section 8. '�
and recommends the same to the Ramsey County Senate and House
de le gati ons .
COUI�iCILMEN � Requested by Department of:
Yeas Nays
Christensen
Hozza [n Favor
Levine /'/
Rcedler �� Against BY
Sylvester
Tedesco
President Hunt
Adopted by Council: Date � t 8 � Form Approved by City Attorney
Certified e Counci e etary� BY
By ,
Approve . ate Approved by Mayor for Submission to Council
By By
�� f� e �
.. .
� � � 1-21-?5 City of St. Pa�� 1 I3iil No.
� 264921
A bill for an act �
relating to port authorities ; '
setting forth requirements for issuance _
of revenue bonds and execution of general obligation
bonds ; amending Minnesota Statutes 1974 , Section �458 , 193,
Subdivision 3 , and Section 458 . 194 , Subdivision 2 ; repealing
Minnesota Statutes 1974 , Section 458.194 Subdivision 3 and -
� Extra Session Laws 1971, Chapter 35, Section 8
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1. Minnesota Statutes 197� , Section
?158.194, Subdivision 2, is amended to read :
Subd. 2 . The bonds of each series issued by the
port authority ur.der the provi5ions of this section sha11
�ea�-���e�es�-a�-a-�a�e-e�-���es-�ee-e�see���g-e��l��-ge�ee��
�e�-a��t��a-����b�-e-�e��-a�??��a���-a��-r,��?-� be issued in accordance
. with the provisions of Chapter �t75 relatin� to bonds payable from
• income of' revenue prodtkcing conveniences , exce�t that public
. sale shall not be required, and the bonds ma.y mature at such
' tir�e or times within 30 years from the date 'of issuance and may
be sold at a �rice equal to such percenta�e of the bar value
thereof, �lus accruea interest , ana earin� in eres a suc _
rate or rates as may be a�reed upon b,y the nurchaser and the port
authority , not,�rithstandin� an,y limitation of interesL rate or cost
or of the amounts of annual maturities contained in any other law .
� The bonds ma,y be made callable , and if so issued may be
refunded, and shall be in such form, whether payable to bearer,
registerable as to principal, or fully registerable , as may be '
determined by the port authority. The provisions of section
458. 193, subdivision� 6 shall appl,y to all bonds issued hereunder,
and such bonds and any coupons appurtenant thereto, when payable
to bearer, shall be negotiable instruments .
Sec . 2. Minnesota S�atutes 197� , Section �t58.193,
' � Subdivision 3, is amended to read:
Subd. 3 . ��e-be��e�-sl�a��-be-a���es�-��-��e-e�a�����-e�
. �ke-�e��-at��l�e����-a��es�e�-b�-��e-see�e�a��-a��-se�t��e���ti�e�
b�-�ke-��ea���e�;-sa��-e�€�ee��-�e-he-e�ee�e�-a���t���3�-b3�-��e
t�e��e��-e€-�l�e-�e��-a���e����3-a��-�l�e-���e�e��-ae�ge�s-s����
' � • J ' . . • . i .
', .
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�e-e��ae�e�-��e�e�e-a��-be-e�es�t�e�-a��-at���e���s��e�-��-��e
���x�e�,-e���eee�e�-e�-���l�e��ap�e�-€�ss}���e-s���a�t��e-e�
e�a���a�-a��-�ee�e����z The bonds shall be executed in such
manner as ma.y be determined b,y resolution of the �ort authority .
Such bonds shall not iMpose any personal liability upon any
m�mber of the port authority .
Sec . 3. Minnesota Statutes 1974 , Section 478 .194 ,
Subdivision 3, and Extra Session Latias 1971, Chapter 37,
Section 8, are repealed.
I