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250710 � � , , ' .� , �sidnsl to Cit�Qerk • , �� O�RDINANCE )�� {� � IL 1 E NO �'�tJll�,�V � ��ti� - � � . �� tir, U�� PRESENTED BY � ORDINA C N �� An or inanc aut or zin the issuance of bonds by the Port Authority of the City of Saint Paul in the principal amount of �2, 650�000 over and abo�'e the amounts iseued under Ordinances No. i1gi3, No. 12166, No. 1228'], No. 13223, and No. 13729, for the purpose of securing funds as needed for the payment of the cost necessarily incurred and to be incurred by said Port Authority for the acquistiQn of property and other purposes in furtherance of its program of port, harbor� industrial and recreational development , in • anticipation of the receipt by said Port Authority of payments, appropriations , rents and profits and of income from other sources ; pre- scribing the form and details of such bonds ; and authorizing said Port Authority to pledge the full faith, credit and resources of the City of Saint Paul for the security of said bonds. WHEREAS� the Port Authority of the City of Saint Paul� by its Resolution No. 656, adopted September 15, 19'70, has requested the Council of the City of Saint Paul by ordinance to authorize the issuance of bonds by said Port Authority in the aggregate principal amount of �2,650�000, for the purpose set forth in said resolution, a certified copy of which has been presented to the Council and is now on file in the office of the City Clerk, all pursuant to the provisions of Seetion 458. �93, Minneso ta Statutes i96g; and WHEREAS, the Counc il of the� City of 5aint Paul, being duly advised in the premises, finds and determines that it is necessary for the Port Authority to issue and sell said bonds in the near future for the purpose of securing funds as needed by it to pay the cost of property acquired and for other pur- poses in furtherance of the program of port and industrial development referred to in said reaolution, and authorized by Minnesota Statutes 1g6g, Chapter 458, as amended� in anticipa- tion of the receipt by the Port Authority of payments� appropria- tions, rents and profits and of income fro m other sources� and it is necessary and proper for the Council, pursuant to said law, to authorize the issuance and sale of said bonds and the pledge of the full faith, credit and resources of the City of Saint Paul for the security thereof� and to prescribe and con- sent to the form and terms of said bonds when and as issued by the Port Authority under the auth orization �ranted by this ordinanee, NOW� THEREFORE� THE COUNCIL OF THE CITY OF SAINT PAUL DOES ORDAIN: Yeas Councilmen Nays Passed by the Councit Butler Caxlson Tn Favor Levine Meredith Sprafka Against , Tedeaco Mr. President (McCarty) Approved• Attest: � City Clerk Mayor a�� Form a�proved Cor�or,��ian Counsel By ��-- . �, ' ' � , � ` �� l�d.^�('. G , Seci;:ioj� 1 . �1'}zat pur•suant to and in accor�ance with 1;IZe i�r:,��; ;.�vns , term� �,nd condit ions of t;h i_s orclinanc e and of . :�iiri;:tesot.a Statutes 196y, CY�apter 458 , aui,hori ty i.s �herek�y €;'r�.ni�ed l.0 1;he Yori; Aut;kiority of the City of Saint P�ul to i.s:�tie ;zr�d sell its bon.ds r�.s autllorized by Sectioal 4>8 . 193, Si?l�divisi�n 1 of said Chapter 4�� , i.n addition to its General , Ir�la.rovc�mflnt Bonds , Series A to G , inclusive , heretofore is- s�.�ec3 ��r.id sol.d unc�er authority of Ordinanees No. 11913 , No . �.2266 , ?vT� . 12287 , No . 13223, anci Nu . 137`�9 ; �,nd that said l�o;?ds a.r•� �iz�c?iorized to be i_ssue� arl(� sold in the aggregate pr•-i_»c;:ipal ar�ount of �2, 65�, 000, fa�:• the purpose of securi_ng f��zids as i�s�eded by the Port Authority, in said aggregate a�nount , in anticip�,tion of the receipt by the Port Authority of' ��aSTments , appropri.�i�ions , rents and profits and of inec�me � fiom a±?zer sources , to defray trie cost and expense necessaril�� incuxred and to be incurred in �Lhe near fuLure for its progra�n . o_f pori, harbor, iridus trial and recreational developnien�t , geri�rally described as follows : (1) TYie acquis ition of waterfront , riparian and other l�nds and ttie construction of docks, wharves , , piers , dilces a,nd o�;lier-rel�.�t;ed port f.acili.ties; - (2} '!'he �.cqui�ition, development and redevelopment of' lands :ior �;tie X�urpose c�:C es�;ablishing a system of harbor�and river im��rc�=enlei�ts anc3 il�dus�;rial dcvel.o�tnerits tici.1;Y�:ii1 th:e pc�� cizs��`i;;e��, :r'snr�� r.z�h�:r�°� c;. , , ... u tiie i.nrlustria,l dea�lo}rn�.en�i; disl�i'1Ct� hE3T'��0�(aYP , � , _.' . , vY'�dLf',�i. i.l_i�:;t'�,''.11"i. ' ,L,, �: �:,},� : �; IiUi."��C.s� ? �._ . .: (3) The provision of recrea�Lional lands aiid facilities along the river; and {�� ) Ir�cidental. �,o ttie fore �;oirig, all cleani.ng, clredg�_�7g and fillii!g , gradin� and iecl_ai�ai�zg mar.�cin��.l land for port and iridustrial purposes ; the devel<ir1- . men�� of pori; a,nd industrial areas ; an�i. the con.si.i�uc- tion of starm and sanitary se��age disposal facil i_ti.es , s,�ater distribution sys�;ems f'or drinkin� ar►d otl�c:r pui°pc�se5 , s (,,�r.Ei L•� � t,.•ackae.;c , �uri'acin.� ana:l oti� er:• :1�Lxic1 i.mprovements , and other ul; ility i.ns�:��.11.xtions in �tf2ose ar. eas . Seci;i on 2. Tha�, �;�ie roj�.ds c�f each seri.e s is Gued ,,.�,;�_ sc�:.�. ��tzr�u�,:n.�� to Zl1is ord:iy�az�ce sll�ill. l�ear�• c�af;�c IlU�; lat,er �;Ila�� tlie f.'i�°,�t day o�' 1�Iie mon�;h in which sucli borids �trc� del.ivered 1,c� tl�e �urc?;.�ser t,hereof; i.l�at t?:e f�.rsi, ins-tal3.mezit of each seri.es sti�l l ma,i�ure noi: 1-�,�t,c�r 1;lian thr. ee years rrom s�xc�i �ta i�e �nd �tiie 1�5 � �,.oi z.�.�Le3:• �I��,:� �t,izir �y y-Eax�:; fr:;.�z S.�LI� ci�it;e ; �l,rir�.t no amc�uiii c;f' �;;-i..c:_=�.�.i c,f ariti- st�ries pa�able in any cal_endar.� ,y�ar. shall exr.eecl ri.�e tinies the sr�all.est ainotzi�i�; of }�r�incipa�_ :�z::�t��.i�;r i rr r�ray r,al. eri:.l.ir S-iar c��xcl:in� #�tree V��:3rs ar n?ore af ter i,lie �cl:� ce of isst�� oi i;Y�e ser�es ; t}�at the boncls e;f e�eti 4jer�i^s 51<<:.l i 3�e :i.s5iic�d �:�.r:c� sut�l 1:1�- t'ze Poi�t Aitl;i� ��a. 1;y za� tlie rri�inner j:�t•r�t�.i :�ed �.�,y l.aw , sh�l. l. be r�i�rrtliered. seri�::l.l;�, st�.�il l:�e cacli iz� �.11c tle�noni7.�iai;_+.on of a miil l:i�.�le o{' .�1 , OGU, �znd ��2all bear i.!�t��3•e s t, i�ot, a_:i e�.c.ess oi' tl2e ma.Yimi�m ra.te ��eimi i;l;��cl ui.der• aCali].ieablc� , la�� a�, �t,ii�� t:ime oi' is:,uc , s��..id :interes l; �;o be IiayaUle sein-i.- a.nii2x��.1.1,y, ��r•coi°�i�_r��; f,o �rit�:i�es�, cc�tipons to kze at,�l;aehe+3 to 1,he s.��m� ; th�ii,. f,1se l�onds oi' c�i�:�h ser:ies sh�..tl. t:,e �u}:�stanL:ia_l:ty in t:1ie Torm ia.ereii�ai.'ter.• r�r�e�crii�ec�. 1.�,� t.li�� Couiicii ��nd �i��proved . "/ - ' . . . � . ��V ��L' ). Uy i;rae Co3��or�� t,:�.c�ri Cc,ut�sel. of �;he City ; th.aL s�,id bonc�s shall i�°��r s,acri ii� i,er��s�� s tl�e City Council shall approve , and sha3_]. l_ie sol d i�i c,t�ic: or� mc,rz� se.rie;; by tlie Port Aui�hoi i ty ta the }i:.h}r�si; � bicir.�Er �jl�z�,rei'c,r� a.fi,ex� t�ti�o w�el�s ' published no�Lice of t11e ti.r�e ��4;.� �3.1_�c� �'��° x°eceivirz� bi.ds t:he�reon; th�t the proceeds from i f?C'. 3:; St1�:!.`..2CE' �..I7C� �'s�a.�_E' ttj� �;.3.1C1 i�)C)Y1.(iS . 3S ?"PCt,']. V2� �V �Yl.'. I�Gl" � :yi�i;irf�i;_ (.;y , �;� �i:i i. l�e ;3e��^�-;i t:ec3 by :it iii a funct of tlie I'ort Autt.o3•i t�- ��,7_l�cs��Y:ed tta.erei:�� asid subject io i�.?.sblzrsernent, ot�l.�T irl cic:,l�r�:i3-rnent o1' the cosi,s ai.d e��enses necessaril.y incurrec� and �L�� tac i..ncu.ri�ec� by the Por L �u th ori 1;y fo r the progi a,n of ��x°�, �;.},.0 i.r.:�dus�tris�.l. �l�ve)_ opme��t l�.ereinauove described ; i;hat. a17. of �l;t�e ba�.�ds shal:l be pay��b7_e in lawful money of the L?n.it,eca Si,�ite;; o_f :'�n�er�_i. ca at theofi'ice of a i'i.scal a�;erit or a�ents c�c,si_gna. t��d 1_�;� �t.l� Pc�r�L Aui,l�c�ri��r, a�t_�.c� as Securi. �ty for �,h_e }�ra��pt; a,��zc� {'a.i � l,f'i�l pay°n:ei�t of �oth pr. incipal and in�:e.rest on s�,id bc>>lcl.s 1;1i? T'ort Au�,hor•it�- is l�.ereby authorired to pledge t1�ie f'u11. fa.s.�tl.t , cr�:d:i_ t and resources oj' ti�e Ci1;y o� Saint Paul ; tl�at; the borids of' e.�ch 5eries i;;stzed. hereunder sha.-11 be ent;i�1_eci "I'o�° l: Ati�,��.or.•i ty� of' tl�e Ci1,y of' 5��.�.n�; Yaul Genex�al Improvement �3on�ls , t�e�°i_F�� I3:" , s1�1��?.l. be issued in serie.s {�onsecut;i��ely desi�n��.Led, �nd 1:3ehiri— ni.r:� witiz Series H-1 , i f' i_�;stied. :.n :nor•e l;lia�� one ser•ies , ai�d � tt�ze bond� of eacll sex°iF�s �1��.��;_ :L I�� iul;ik�er��l c�ns�c�a�;ively be�;i.ri— nin� teil.;li i�� . 1i tl�.ii; e_<�� c,:t .<.,��:it3 ��c;:.c3.s s1��1=� l�e :,i�;��.c,cZ 1.,�,- i,rsc; Presi.dc��?t of �t;t��: Iaori:. !`�t��i�1�:o1°�_1,y , a�;�Lc;;;�,f.0 �g� i�t s ,�;;;,:_re t��r•�- a3,c_ �C*i.wi f n�•, ' ' ' ' . U .. . - � �.� �.s. .r , ��,_,,,.,�. ...-. .., .. .. .,..�., �,�. „�_�:iC.'Ci �� y .i �:� i1. vc�:�ulcs f t� 't'U�'1 ,C(i ��11�L1. i1,li 1)l1V �)lCL ).L said si_�naLures may �� pri.nted, li-Lhographed, st�mped or �n-- graved on. ti�e bonds , ��r�d i�iteres t coupons shal.l be at�(;.zched 1-).zereto , a.n.d shal.l be ex.ecul,ed an.d autheni;icated by tlie . prirlted , engrave�l , oi• liLl�ogia�yYied facs=imile sign�tur°es oP saic? Pz•esideni.; ai�;a See��etai y; that eaeh of the bonc�s sha.11 be seal ed tv�. t•h #:��e cc3rpoi ate sea]_ of the Yor1; Authority , ar a pri.nte�l, lii,tlo�r:a.phec! oi engra��ed iacsimile thereol' ; tl��l. ii' a.��pi oved Uy rese�]_ui�� on of tize Cii;y Counc il , any o1' said bonds may be made s�zbj�c�t �o red_empti.on aiid prepayment at the o��;iol�i , of tlle Pori: Aui;hc��it�� ,t such time and pr. ic:� or. prices and i�pon stzcil not,�ce a� st,a:i7_ l�c pr�vid�d ii� sa�ct resol.�zt_�nr�.; ��a_�;� 1�I1a.t e�ac�YL c�f tiie 1_io��d:, sli�,; 1�_ i�� ri su?�s ts��i1;��1 l.y t.l�c; i'��7. 1_�,za� i:�:r. i'or�r� , �ti�_i t.1� suii;ai_�7 e �-ari.a�;i.oris as t,o serial �lcs_igr�ai,i o�.z �ricl nu.�iz�er•, cierso��i��;�.t;ir�ri, ��1�:��,e o,° pl_aces of pa.yl�i�nt , rederuption. I��ovisic�,7:� , i.n'ter•est rk�tes �:i�cl i�on?.i.s;.z.l. ti�i:e r;1.' ,tr�st'e � r . ... ;��1�� . ` Pa�;e �f. UNITED STATE" OF AMERICA � STATE OF P�IIN�IESOTA COUNTY OF RAMSEY � PORT AUTIiORTTY OF T�iE CITY OF SAINT PAUL : GENERAL IMPRbVEN1ENT BOND SERIES G Na. _ . $1 ,000 KN041 ALL MEN BY THESE PRESENTS, that the Port Au�horif:y of the City of Saint Paul, in the County of Ramsey and State of MinnesaLa, acYnowledges itself to owe and for value received here- t�y prcmises to pay to bearer the sum of � . ONE THOUSAND DOLLARS on the first day of � . _ _ , 19 , together with inL�r- est thereon at the rate of per cent . ( �) per annum from the date h�r�eof until paid, payable � , 19w, and semiannually thereai'ter an the first days of and in each year, interest to rnaturity being evidenced by and pay- able in acc�rdance with and upon presentation and surrender of thP annexed interest coupons as they seria]_ly b8come due. Both principal and ii7terest. of' 'chis bond are paya�:Le :in 1.awz`tii Ii101iL;}r of �he United States of America at the office of � in . , and for the prompt payment of this bond , both principal and interest , when due, the full faith, credit and' resources of the City of Saint Paul are hereby irrevocably pledged. • . This bor�d is one ot' a scr�i�a a�,^��nt�ng in the aggregate to the sum of $ ' issued by said Port Authority for the purpose of securing funds as needed by the port Authorit,y to pa,y the cost �nd expense necessarily incurred dnd �;o b� incur:ud for. t.he pra�;ram of port and indus�ri�l. development described in Ordinance No. ' o�' tYie City of 5a�_nf Paul, all pursuant to the provisions and by authoriLy of Pdi.nnesota Statu'�es 1g69, Chapter 458, and in anticipation�.of the receipt by . .,. said Port Authority of payments , ap�repriat-ions , ren�s and proi'i.ts �,nc� ir,cc�mc� f rorn other sources thereunder, and in accordance ti�r:i.th thF provisians , terms and conditions of Chapter 458, Minnesota StatuLes ��g ., �.: y ;x: T ��•j=�, This bond is issued pursuant to said � ordinance, as enact;ed by the Council of the City of Saint Pau1. �r,d �aay s{g*�ed ; at;tested and authorized in accordance with said Ghapter 458 , and pursuant to Resolu�:io�� cf� said Cauncil rla. �_ , �assed and ap�roved _ ,� 19 , and under authority and in ali respecf;s in fail compliance with Lhe Charter of said Ci�y . _.' t .M . . � , 1 . . . � . � . . � �� r Page 5 . , of Saint Paul, pursuant to resolution of said Port Authorl.ty Nfl. �_, pas�ed and approved , 19 , and in all res�ects in full compliance with all applicable provisions �of law , including Cnapter �75, Minnesota Statutes 1969� --- It is hereby certified and recited that all things , �.ct� and conditions required by the Const3.tution and laws of the .SLate of Minne�ota and the Charter..of said City to happen and �ie done and performed precedent ' to and in the issuance of this bond Yiave happened and been done and performed in re�ular • and due ferm and time as required by law; that prior to the issuance of this bond said Port Authority has levied for each year, ulztil the priricipal and interest . are paid in full , a direct annual tax on all the taxable property in Lhe CiZy of Sa3.nt Paul in an amount not less tha.n fiv� per cent zn excess of the sum required to pay �he principal and interest r:ereof �rhen and as such prii�cipal and interest mature , which ta�. is irrepealable until all such indebtedness is paid, and may be r�ducEd only in the manner ar�d to the extent provided in said � Chupter 1�5� ; that additiona]. taxes , i�' necessary, for full pay- ment af such principal ��nd interest, are required�F�by ].aw to b� levied upon all such propert�� without limitation as to rate r�r amount ; and that neither the tatal indebtedness of the City of� S�int Paul nor that of said Port fiuthority , includin�; this hi7�if,1 , �XCE'.�=t�a a21j' i;U?l�'GiL.Ur:LOia��i., S�cti:Lt�O"f'� <7T' Crl'c1,1'�:EY' 1:I.Yf11.'�ii-.• t�on. - IN WTTNESS tidHEREOF, said Po-r� Authority of the CiLy of Saxnt Paul , by its proper officers , has caused this bcnd to be sealed by a lithographed facsimile of .its 0�'fic�.al Seal, to be signed and countersigned by the lithograp�ed facsimile signatures of its President �nd its Treasurer, attested by �he manual signature of its Secretary , and each of the interest � , coupons hereta annexed to be executed and authenticated by the �i�!�c��,raphed facsimile signatures of its President and Secre- tary , and has causeu a trve and cc�rrect copy o�' the o�:tr:i.�:�� rendered by bond counsel as to the validity of the issue in-� cluding this bond, rendered at the time of delivery hereof, to� be printed on the reverse side of this bond;� and has caused this bond to be da';ed as of the first day of _��_�_ 19 . President Countersigr�e�l : � " �Treasur�r Attest : � - ecretary . . ' .� , � � ;�? � '4 . . � . . �� . Page 6. i;liat the caupons a�ptxrtenant to s�,id Uor�ds shall be in suhstan- tially �;he fo l l o�,�ing f.oriu: No . Oii thE: f:i r°s t d.ay of � , 19 , urilesa ihe bond described below is called for earlier� redemption, �;he Pori� Authority of the City of Saint Paul , Ramsey Cozlnty, Minnesota, will pay to the beaier at � in the sun� sho�n hereon in lawful money of the United S�tates , for interest then due on its General Imr,rove►nent Bond, - Series H, dated , 19 , No . , (Fa,csim.ile Signature ) (Facsimile Signatur.e ) Attest . Secretary President an.d ±hat there shall be printed on the reverse side of each bond a tr�ue and correct copy of the text of the opinion rendered by bond counsel as to the validity thereof, a� the time oi delivery o.f such bond , together with the following certificate to be e�ecuted by a lithographed facsimile of the signature of the Secz�et�ry: I certify that the above is a full , true and correet cor;� c� tl.e le��.3 ��inion render.ed 11y bond c��xnsel on the � ssue vi ��o;ids o1� tlic Po,•t �luthorii.y ot i;ize Ci �y o# �aitii� Paul �riic;l� i.ncludes the witl�ii.n bonci, dated as of the date of del ivery of and payment for the bonds . . � (Facsimile �ignature ) � Secretary � Section 3. That such bonds bo th in respect of �the principal amount of the same and in respect af the '�nterest t?�erec?n, shall be paid by sa�.d Port Authc�rit� from ta,Y levies provicied for ai;.d a�atl:ori�ed Uy said Chapter 4�8, Minn.��ot;�z Statutes , and from the earnings and all inco�e reeeived by �ai�l Port Authority from whatever source derived, to the extent 1;hat such earnings and income are determined by the Port Authority to be available for such purpose and are not pleciged for �i,he �.��.;;j��er!t �i' revt;nu� i��_�.;� � ,5-;�es �nder i�lin.nE:St�ta StaLul,es :iy�i9, Section 458 . 191f ; that said Port �luthorii;y sha�I , before tlie issuance ofi axiy series of boric�s authorized heieunder, levy . for ;Eac1� ,ye�ir, unti.l 1,he principal and interest a.re paid in i',�t7 , a direc�t an.ni�al 1;•�.� azz ��17 the 1:�Yable prolaeri;y i.n the C i�;y o i' S a i n i; Y�u i�, `"�ti�`�."`��!�i��f��: n�t .�e 5 s th a n 5 io i n e x e e s� of ttle sum 1°ec�uired to pay the princ ipal and in�terest of' the same when aizd as suc11 princ ipal 3T1CI iriterest ma�i,ur. e , and afl;er such bonds ha,ve been delivpxed to the purchasers , siich tax stiall be irrepealable until all. such indebl,edness is pa.id, and after the issuance of such bonds no furtl�er a.etion by said Port Authori.ty shall be riecessary �to ��i�thorize tt�e extension, assessment and collection of such tax; th�,t � oststn:�t�cic,cae:t ` � , ' . , � � � � ORDINANCE COUNCIL FILE NO ��v PRESENTED BY ORDINANCE NO Page 7 . the Secretary of said Port Authority shall forthwith furnish a certified copy of such levy to the County Auditor of Raansey County� Minnesota, the county in which said Port Authority and said City are located, together with full information re- garding the bonds of said Port Authority for which the tax is levied, and such County Auditor .shall extend and assess the tax so levied, and shall do so annually until the principal and interest have been paid in full; provided that said Port Authority may� on or before October 15 in any year� by appro- priate aetion cause its Secretary to certify to the said County Auditor the amount on hand and available in its own treasury from earnings or other income , including the amount in the sinking fund, which it will use to pay the prineipal or in- terest or both on each speeified issue of its bonds and the County Auditor shall reduce the levy for th at year herein pro- vided for by that amount ; that the amount of funds so acquired shall be set aside by said Port Authority and be used for no other purpose than for the repayment of the principal and interest on such bonds ; and that all such taxes, being author- ized to be levied under Seetion 458 . 193, Minne'sota Statutes� shall be collected and remitted to the Port Authority by the County Treasurer in accordance with the provisions of law governing the collection of other taxes and shall be used solely for the payment of' the principal and interest on such bonds . Section 4. That said Port Authority shall provide for the exercise of the authority hereby granted for its issuance and sale of its said bonds� and the pledge of the full f aith � credit and resources of said City of Saint Paul as security for the payment of the same, by its appropriate resolutions ; and that in each such instance said Port Authority shall make due compli�nce with all applicable requirements of this ordi- nance, said Chapters 458 and 4'75, Minnesota Statutes, and all other applicable laws. Section 5 . That this ordinance shall take effect and be in force thirty days after its passage, approval and publication. OCT 2 2 1970 Yeas Councilmen Nays Passed by the Councii Butler � Caxlson _In Favor /� Levine � � Meredith u Againat Sprafka T�� OCT 2 2 1910 �r. President (McC y - Appro At st• `�' � � Ci Clerk Mayor �� Form approved Corporstion Counsel By� ,��4,..,. �r-:�,�a.��,��-,. Pl1BLISHED OGT 2 4 �g�� This Ys- a true and certified copy Reso lui�i on No . 656 , , �► f Resolution No. 656. Septem ber 15 , 1970 '—� � �1 '' O J Asst. Exe . Vice� Preside �`'�" � , °� � �� SOLUTION ol�, Z�li�; PORT AUTIIORITY OF THE CITY OF SAINT PAUL WHEREAS, the Por. t Authority has heretofore issued its General Improvement I3onds , Series A �Lo G, inclusive , under and pursuant to the provisions of Minnesota Statutes , Section 458. 193, and ordinances ado��ted by the Council of the City of Saint Paul , including Ordi�Zance No . 11913, dated February 3 , 1g61 ; Ordinance No . 9.2166 , dated AZarch 13, 1962 ; Ordinance No . 1228% , dated September 27 , zg62 ; Ordinance No . 13223 , dated April 21 , 1g66 , and Ordinance No . 13729, da�ed October 1'7 , 1967 , and the �ull amount of bonds authorized by said ordinances have been issued a.izd sold and the proceeds set aside or expen.ded in furtherance of �Lhe program of port and industrial development within the Port District and t�ie Industrial Development District heretofore established, in- cluding developments in Riverview Industrial Park, the River- view Industrial Park area, Nor�thport , Southport , Crosby Lake Park area, Pickeral Lake area, and Red Rock Industrial District; and WHER�AS, preliminar•y plans and specifications have been initiated in furtherance of tYie acquisition of land and construction of im}�rovemen-ts to land, port and harbor in the Red Rock Industri_al District within �;he Indus�Lrial Devel- opment District, as �aell as otller areas presently under de- velopment , and it is estimated that such further development for port , harUor, industrial and recre�,tional purposes �aill require additional commitmen.ts i;o be made in the near future for which a further authoriza�t;ion of borrowing� in the aggre- gate amount of �2, 650, 000 should be secured, NOW, THEREFORE, BE IT RESOLVED, That the Port Authority of the City of Saint Paul does hereby Ynake application to the Council of the City of Saint Paul for authorization by ordi- nance , pursuant to Tlinnesota Statutes , Section 458 . 193, of the issuance and sale of its G�neral Improvement Bonds in the aggregate principal amount of �2 , 650, 000, over and above the amounts of bonds authorized by said existing ordinances , to be issued and sold in one or more additional series , when and as found necessary by the ��utllority, for the purpose of providing funds to pay costs of the port , harbor, industrial and recreational program for which the outstanding bonds have been author. ized, and the pledge of the �ull fai�h and credit and resources of the City for the pa.yment of such bonds and interest thereon; said bonds to be issued in compliance with all applicable requirements of such ordinance and of Minnesota Statutes, Chapters 458 and. 475 , and all other applicable laws , and bearing interest �,t such rate or rates as 1;lie Council shall approve . .. < �► � ,• • BE IT FURTI�R RESOLVED, That the Secretary of the Port Autliority be and he is hereby directed �;o presenl; a certified copy of this resolution to the Council o�' the City of Saint : Paul , as arid for such application. Adopted: September 15 , 197 . � � � . �----- Pr si ent - Port Authori�ty of the City of Saint Pau1 At t s : % �� c ei;ary �St � b , r ., ZOC� f � Laid over to �� j ��: �� 3rd and app��,�,,`C��—Adopted lc`/y 7/� Yeas Nays Yeas Nays Butler \ ��8utler Carlson ``oCarlson Levine �`� V.evine �� z50'?�0 \ : Meredith Vvleredifh + k°�-- 1 �~`. .. Sprafka � '�$prafka Tedesco �.Tedesco � Mr. President McCariy �r. President McCarty � _ �O