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�1n�, tiRt61NAL TG CITY CLERK �
' ; ����,= � , CITY OF ST. PAUL �OENCIL N�,.
-� OFFICE OF THE CITY CLERK
OUNCIL R LUTION—GENERAL FORM
PRESENTED BY �� �
COMMISSIONE � �� DATF
WHE , e C cil of the City of 5aint Paul, rZinnesota,
by its Res tio , Co cil File No. 238796, adopted�nd approved
May 28, 1g68, did approve the application by the Housing and
Redevelopment Authority of the City of Saint Paul, rlinnesota,
' - for an Early Land Acquisition Loan Contract, for financial as- .
sistance under Title I of the Housing Act of sg4g, as amended,
with the IInited States of America, pursuant to which Federal
funds would be provided for Early Land Acquisition and related
" activities in conneetion with the UrUan Ren.eival Redevelopment
Project identified as the Summit-University Urban Re�ewal Area
Project Minn. R-47 situated in the Summit-Univers�ity�IIrban Re- �
� ne�val Area located in the City of Saint Paul, ATinn.csota, and did�.
agree to assume the responsibility to� bear, any losshthat might " �
arise as result of the acquisition of� land and •the undertaking �
of related activities with the financial assistance to be pro-
. vided under said Farly Land 'Acquisition Contract by:•the:: United
Sta�tes� of •America� in the event the property so .acqui9red by the
Housi�ng; andt,R,Edevelo�ment Authority of the City �•of �aint Paul,
� , �, ' � M.innE,,g�ota-`,zva;�s°no;t� us�ed ,for aurban -renEwal, purposes�; b,ECause either , '_ �
tYie �Rede�te-l�opr��n��"�Planp�or-� thE pro�j�•ct is•�amended t�o ,omit any of, � � •
the acquired property_ , � or is abandoi�ed"for �any;,�eas.oi�.�: and .:d�id . �� r,:�..�,..���.o.•
further authorize egecution of a �Cooperation Agreement respecting
loan under Section 102(a) Title I of the IIousing Act of �.g4g,
, as a�ended, to undertake redevelopment project activities in
Summit=IIniversity Urban Renetaal Area between the Housing and
Redevelopment Auth`ority of the City of Saint Paul, Minn,esota
. ; and' the City of Saint Paul, Minnesota, which Cooperation Agree-
_ , � men.t -�oas duly egecuted under date of May 29, 1968; and
� . , - ,
� WHEREAS, pursuant to the authorization and��'direction of
said Resolutio�., Council File No. 238796, the Housing and
-� Redevelopment Au.thority of the City of Saint Paul, Minnesota
� and the IInited States of A.�erica did enter into a Temporary
� Loan Contract (Early Land Acquisition) , Contract No. Minn. R-47 _
(T.L. ) � Project No. Minn. R-47, under date of July 30, 1968,
whereunder the United States of America did agree to make a
� temporary loan,. pursuant to Section 102(a) Title I of the
Housing Act of 194g, as amended, to the Housing and Redevelopment
�.
COUNCILMEN �' , _. Adopted by the Council 19—
'O '`�- - . - ..
Yeas Nays ,� � _
�, �
Carlson • �
Dalglish - � _ Approved 19—_
Meredith Tn Favor `� 'y
Peterson '
Sprafka � , Mayor
A gainat
Tedesco
Mr. President, Byrne , '
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Authority of the City of Saint Paul , Minnesota, in an amount
� not to exceed �7, 360,766.00 upon condition of the delivery to
� the United States of America by the Housing and R.edevelopment •
Authority of the City of Saint Paul, Minnesota, of a Project '
Temporary Loan Note in the amount of each temporary loan made
by the United States of America under said Cont ract` and upon
. � the further condition set fort�i�,,in Section 305 of the Temporary
LoantContract (Early Land Acqui'si�tion) Contract No . Minn. R-47
(T.L. ) , that any Project Temporary Loan made by the United
States of America under said C,p;i�tract be secured by an appro-
priate agreement, in form and,�{�b'stance sa,tis�actory to the •
Administrator, by the governing� body o� the locality under
�which the locality assumes the respon�ibility to bear.,� any loss �
of princiPal and interest which may arise as a result. of the
acquisition of land and the undertaking of related ac.tivit�.es
'�vith� assistan.ce provided under said Contract in the event that
�he property so acqu:ired is not used for urban renezaal purposes
because the urban renewal plan for the �nroject is not approved,
, or is amended to omit any of the acquired property, or is
�., abandoned for any reason; and
��'`r�"�*` " ` `� ��rIEREA5, pursuant 1;o the afore said Temporary Loan Contract, s
'the Housing •and Redevelopment Authority of� the City o£ Saint `Paul,
-� Minnesota, has made requisition �or a Project Temporary Loan in
; th'e amount of �2;407, 000.00 and .has executed Project Temporary
Loa,�' Note No . 1, in�- said anount payable to the .United States of
America, a copy, �of tvhich �Project Temporary Loa,n Note No . 1 is
hereto attached as E$hibit� "A"�.; and , ' `
,: ; • ., , . :-.-,.,_..
��"'� WIIEREAS, �in �eonformity �cvi�th� �the undertakings of the City
of Saint Paul to assume the responsibility to bear a.ny loss of
, principal and interest that might arise as a result of acquisi-
tion of land and the unclertaking of related activities with
�-assistanee provided unde�id Temporary Lo.an Contract 'in. the �
event the property so acquired by the Housing and Redevelopment
Authority of thE City of Saint Paul , Minnesota , is not used for
urban renewal purposes because the urban renewal plan for the '
Project is amended to omit any of the acquired property or is -
abandoned for any reason set forth in �;he Cooperation Agreement
Respecting Loan under Section 102(a) Title I of the Housing Act
of sg4g, as amended, to undertake redevelopment project activi-
ties in Summit-University Urban. Renewal Area, dated May 2g, �g68,
by and between the Housing and Redevelopment Authority of the
�,�' City of Saint Paul , Minnesota and the' City o� Saint Paul ,
k,';;?� Minnesota, a.nd in conformity with the provisions of Section 305
of the Temporary Loan Contract (Early Land Acquisition) Contract
No . Minn. R-47 (T.L. ) between tYie Housing and Redevelopment �
Authority of the City of Saint Paul, Minnesota, and the United
�
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States of America, the City of Saint Paul , Minnesota, proposes
to place upon the said Project Temporary Loan Note No . i an
undertaking on the part of the City of Saint Paul , Minnesota, 7��.-�
in the following language : r •
"As additional security for the payment of principal
� of and interest on this Note aasd all other Notes
�vhich are 'issued in accordance svith the terms of
said Note , the City of Saint Paul , Minnesota, for
good and valuable con}sideration hereby agrees to
pay the prin;clpal and interest, in the event the �
funds on depo'si.t to the credit of the Project '
. Te'mporary Loan :Repayment Fund, referred to in
said Note, are insu�ficient tti,��,pay the same when
due and the City of Saint Paul�;=�`Minnesota, _ hereby
, pledges its full faith and� e�r�eci•it for sucl��,,.payment.
; This undertaking is made �'�n ;accordance wi�tYi 'and
pursuant to the pro;visions of Sect"ion 305 of the
Temporary Loan Con�'ract (E.arly �Land Acquisition)
' _ . ,, da"ted July 30 , i968, bet�veen the Housing and .
, � Redevelopment Authci�ity of the City of Saint Paul, � ,;�;f�''
Minnesota, and the United States of America, iden- � '
tified as Contract No . Minn. R-47 (T.L. ) for '' :
. . Project Minn. R-47 . " . '
and to authorize egecution of said undertaking by the proper '- �
officers of the City.
. ' NOW, THEREFORE, BE IT RESOLVED, by the Council of the '
� City of Saint Paul , Minnesota, that Project Temporary Loan Note
No . �, Project No . Minn. R-47 , issued by the Housing and Re-
development Authority o� the City of Saint Paul, Minnesota,
� in the face amount of �2, 407,000.00, bearing the date o�
, September 19, 1968, a copy of ivhiciz is hereto attached as
Exhibit "A" , is hereby approved together with the undertaking .-
of the City of Saint Paul , Minnesota, set forth upon said `�
Project Temporary Loan Note, and the Council does further •
, authorize and direct the execution of said undertaking of
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1! rORIGMAL TO CITY CL6RK
' CITY OF ST. PAUL FILE NCIL NO.
`'r � OFFICE OF THE CITY CLERK
� COUNCIL RESOLUTION—GENERAL FORM
PRESENTED BY
COMMISSIONEa DATF
Page 4.
the City of Saint Paul, Minnesota, upon said Project Temporary
Loan Note for and in behalf of the City of Saint Paul by the
proper officers of said City.
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� . SEP 2 7 196�
COUNCILMEN Adopted by the Co.uncil 19—
Yeas Nays ��P 2 7 196�
Carlson
Dalglish pproved 19�_
Meredith Tn Favor '
Peterson � �
Sprafka �� Mayor
A gainst
Tedesco
Mr. President, Byrne pUBLI^�HE� oCT 5 1965
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• / • 01� THE CITY QF SAIIdT PAUL,i�lIlv�r,�aTA �
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`� -- "' -�� PROJECT TEMPORARY LOAN NOTE -- - �- -�
�� No, I � ., ' " ' ` Pro�eot xo. Minn. F:�s7 _. . . ' ;_ ` '".•. # 2,k07,000.OQ ,
. . , . - �_: . � • . _�� . . . �,
flousing and Redevelopment Authorit of the Cit �of Saint Paul Minnesota �
(here og e aa Pi.#� ia enoy , for valvn reoeivo , hereby promiaes to pay, but so e from e oJeot
?emporary Loa.n Ro ent � �ere f'ter ent oned nd not otherxiso, upon deme.�d, to the Unitad States of America or
order, the s�, or�'� �`t��-�ion�our �iunc�r2d �Seven Thousand and no/lOQths
.DOLLASS (t 2��+07, , an at suo tiroe to p�y, but so e]y from said F�nd an not othersrise� interest
on sald eun� from t date of the noaeptance of delivory of es►d the p�yment for thia Note, at tha rate or ratea ae
follcxss • ' . ' ' : , , � �"
. • � i • - , � - • � •
Dia�ing the per io�i 2Y�om th date of the eooeptanoe of delivery of and peyment for�this Noto tl�a�ough
December„31 � 19 �$ (herein oalled the "Initial Interest Period"), aaid prinoipal az.ae ahall besr
in rest on e �mrepsid amoimt theraof at the rate of 8� per oenttve
( 6 ,'$) per annian. F4�om and a1`ter said date said prinaipal s�an s}►all bear intereat on t e 'imrepaid
prinoipal amo�m� thereof at a radetermined rata (to be duJy noted below on behalf of the Unitad Statea of
Amariaa)� frhiah shall be initially determined and beaome effeotive on the date immediate];f folloxing the
•�iration of the InitiQl Interest Period and ahall be auooea9lve�y redetermined at 6-roonth intervals ,
thereafter on Januar,y 1 and Ju7y 1 of eeoh yearf and eaoh suah redetermined rate shall beaome effeativa ttith
reapeot to peyments w�repa,id on tho date immediste7y preoe3ing the efPeative date of suah redetermined rate�
in naoordance xi�Eh tha following formula.: The redetermined rate shall not exoeed aix per aentw (bA) per
nnn�sr, but otherwisa ahall be the higher of:
(a) Tne "goir�g Federal rate" determined oureuant to the nrovision� of Title I of the Housing Aot of
1949� as amonded, and etfeotfve on,the eff�ative date of auoh redetermined ratej or •
• (b) A rate per nnnLan equql to the avera.ge ,yield to matw�lty on all outstanding abligations cf tha
United States having a naturity of e�prosimate�y five yeara t5rom the Ma�y 1 or November 1� as the
onse mqy be� next preaeding the effeotive date of auah redetorminAd rate, e.s determined by tho
Secretary of Housing axnd Urban Development upon the advioe of the Searetary of the Treasury� suoh
nverage y1eZd to be estireated on the basis of daily olosing market bid quotationa or prioes for
the month of Ma�y or November, as the oase may be, next preoeding the effeative date of auoh
redetermined re,te, and ad�usted to the neereat 1/8 of 1 peroent. _
5afnthYdPul�iMinnesota t�rest on this Note nre pqyable at the prinoipal offioe of the Loaal Publio Agenoy in
� . , in e.ny aoin or curreno,y of tho ikiited Statoa
o erian ic , on t e ate of e payment of the prinoipa of and interest on this Note, 1� lega,l tonder for the
pa,yment of publia nnd private debts.
. ?his ?Iote ia iasved pursuant to the provisions of (s) the Constitutian nnd lg�s of the $t8 tG Ot
Minnesota " �, inoiud� part�oulnriy the rlunicipa oua n� ar.
"'�'e3�"eve o en c a ter ���s 1947, as amended t
' a Rasolutioa du�y adopte by the Looal Public ap,enay on t e t dqy oY Uat1S t , 1�$ ,
providing for the issuarioe of Pro,Jeat Te�p �r Loan Notea ( erain ca.11ed t� "basip No•te esolution" � and (o) a
Resolution likewise adonted on the 1�t� dey of �eptember � 1968 , providing for the issuanos of
thia partioular Note; and the prooaeds her�,of are to be used to de1�-ay expenses and aosts involved in the Looal Publio
Ageney�a i,mdertaking and carxying out of a certsin u�t�n.n renewal or redevelopment Pro,�eot of the oharautor authori2sd
by said le.HS and designated Pro,jeat No. 1'Siiln. R-4T , tihiah is more ful]y identified in the basio Note
Resolution. Said ProJeat for �rhioh this ote i� issued ie beinp assisted by the ik�ited Statea of Ameriaa pursuant to
TTitle_Z_,oP,-the_]3qus.ina_Ant_.nt;.19d9�e��*o++�wd_.Ld9�IIS_1'._.JaSa_n+ Awn_1 � , ., .
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421 Wabasha Street, Saint Paul, Minnesota 551 02. Edward N.klelfeld,executive director. phone 223 5218
HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL, MINNESOTA
�� o � �
The Honorable Mayor and Council September 25, 1968
c/o The City Clerk
City Hall & Court House
St. Paul, Minnesota . 55102
Gentlemen: •
In connection with Council approval of the Early ?�and Acquisition Program in the
Summit-University Urban Renewal Project, the City and the Housing and Redevelopment
Authority under date of May 29, 1968, entered into Cooperation Agreements respecting
the project and, in particular, respecting payment of any Project Temporary Lo.an
Notes issued by the Authority with undertaking of repayment by the City of Saint Paul
which Notes would finance the Early T�a.nd Acquisition activities in the project.
On July 30, 1968, the Authority and the United States of America entered into the
Temporary Loan Contract covering this Pro,ject wherein the United States undertook
to 'make available to the Authority loans not to exceed $7,360,766.00 for Early La.nd
Acquisition activities. Pursuant to� this latter contract, the Authority has made a
requisition for funds in the amount of $2,407,000.00 for the first stages of acqui-
sition activities. This loan is to be secured by Project Temporary Loan Note issued
' by the Authority with a written undertaking of repayment by the City.of Saint Paul
of any loss that might occur to the United States in the event the urban renewal
projects were not undertaken, or any property acquired were not included within the
project boundaries of the renewal project as ultima.tely approved by the United States.
The form of the undertaking on the part of the City h�.s been discussed with Mr. Robert
O�Connell of Corporation Counsel's staff and Mr. Clemens J. Schleck of the Camptroller's
Office, and is now in a form satisfactory to the Department of Housing & Urban Develop-
ment, the City and the Authority. In discussions .with Mr. Schleck and Mr. 0'Connell
respecting the Cooperation Agreement between the Authority and the City, it has appeared
to be desirable to amend the Cooperation Agreement respecting the pro�ect to more clearly
identify as between the Authority and the City, the sources of repayment of the above-
referenced Note or other Notes that might be issued pursuant to the Temporary Loan
Contract.
These sources in order of their priority of application under the proposed Amendment
would be: First, all unencumbered proceeds of the Project Temporary Loan Note or Notes;
second, all funds in the Temporar}� Loan Repayment account maintained by the Authority
(all proceeds of sales of_ larid acquired under Early La.nd Acquisition, proceeds of rental
thereof, and proceeds of investment of Project Temporary Loan Note funds); third, the
Redevelopment Project Fund Reserve, which Reserve the Authority has obligated itself to
maintain at a level of at least $1,132,000.00; and, fourthly, to the extent necessary
issuance by the City of Urban Renewal Bonds in an amount not to exceed one-third of net
project cost and issuance of Housing and Redevelopment Authority Bonds pursuant to the
terms of the Cooperation Agreement dated May 29, 1968.
Lawrence J. Hayes, Harry P. Strong, Jr., Orville E. Anderson, Henry R. Thomas, Kenneth J. Lynch, James J Dalglish, Victor J. Tedesco
Chaiiman •
HO�JSING AND REDEVELOPMENTAUTHORITYOF THE CITY OF SAINT PAUL, MINNESOTA
�
The Honorable Mayor and Council -2- September 25, 1968
The Authority, therefore, requests Council consideration and approval of the
execution of Project Temporary Loan Note No. 1 issued by the Authority in the
amount of $2,407,000.00, which Note contains the written undertaking by the City
for repayment conditioned upon the provisions of the Temporary Zoan Contract and
Cooperation Agreements and approval of the First Amendment to the Cooperation
Agreement as above outlined.
Yours very truly,
Edward N. Helfeld ,
Executive Director
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= HOUSI�NG A�t,D?REDEVELOPMENTAUTHO:RITY�O�F:THE �CI_TY OF -SA'INT.FAUL; �11:�1NESO�TA=- =. , "
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. . . The Sonorable Mayor;and rCouncil� . . � �__ _ ' � Septeaiber 25, T`96$. , , ; � . .
' . ' c/o The ;City' Clerk � � ' `� ' - : - - - � -� - - . _ . - . - , : -- .
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y - ..�.City_Sall..� Coiirt� House .. .-Y .ti �";.' �.- =.� � � "` - . . .,�_ � ,� :r.�� ` . . ,. -- ^ ° . - • `, .ti.
. � St:;Paul,_Minneaota _.53102=., - -,'-_,� -_ �... -.,'�L'•- . �; _, `` - o -� �. - , ' - -.. � _ _- � . ` .
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� .� ..: ^�.. - '.t.'. . .� .��' _ 't _ ± :r-, �.�,��- ' `.' - _ �`���-. '__" �' 'L- . -_ ` '` • " •' `-} + .�. ' , - ` ,� R_ _-
` . - In coririection'yai�tb Council approval�'af;the �arly Land Acquiaition Program i� Che, • - - �
', =`� �3u�i�t=iJr�iversity Urbam Renewal' Pro jec`t,l;the_City and�the-�iouaing�.and �Redevelopment- - - �� , '• -
.--_ Authority under_ date 'of May �29; 1968, entered into Cooperation Agreements �respecting �•.- _ _;�
. • tbe�project_�a�d;,'iri particular; _re�pecCing'�papment_of any Project Temporary,�Loan . . ' - :
,.�� , ',:`tl Nota� •iseuecl:by the Au_thority with undertiaking-,of.repayment by, the�Citp of� Saint Paul�s_' �° .�. �.
:, _ �which Notes'�would` finance the- E�.r1y,Land.Acquieition"actinitiea�in`the pro�ect'., q : .. . . -- -
_ • . , ' • � -. . - • . � _ t = . - . ° ��' � - '' . . - - _
_ -, - On' 3uly �0�,; 1968,; t'tie Authority and the United, States ofJ�Ameri.ca�ente=ed into"ttie � ` � :!� : -
- �° - -
:' - TemporarysLoan ContracC covering,_this Pro,jeet� wherein_the United-•8'tates �uudertook�`� ��¢ :, ,• ' _'
''�''�� ,to��m�k��available,�to';the.Aiithority,laens.not'�to:, exceed. $7,360;766.00 •for-Tarly Land��;�` �: - ,
. � � _.= Acquiei_tion activities.' Pursuant to this� Ia�tter �contract�;`the�Authority has made a ti;-,_ -
- �. - - - � - .
, requiaition for--�f,unds in the amount. of �$2,407,OOO:dO for ,the -first�stages��of acqui- , ' t- ,
; . -. -,-'sition activities. �This loan- fs .to bP �secured �by Pro�ect� Temporary'�Loan Note iaeued = �' _ " ..
� _ "»by the Authority with',a writEen.'undertaki'ng�of' repaq�ent--by the�City of`'S�int Paul � • , -� •
�_ = 'of any loes that might occur:-to-the. Uaited States in the. event- the urban rreriewal . • . ; ,
� � " , pro,jects wer.�3�not-undertaken,-or any�property acquiired'were,not i�cluded_wi.tliin.the : �:�: ti � "
�� � ::� • '°� -- - . - r .«. f� . s ' : `.�:
!w , _. pro3_ect bouudar`ies of'the renewal�pro ject ae ultimately approved bq�'the Uai.ted States:.�_:-.- - ,�`
. . s. .. �� . ,� ' t a � ,
�� t=" . . - .�- . , .. �� . • = .: . . . - � , „_. - . .�.. .. ,
�r: ,
-'�-� - The�form of the_undertaking,.on,the part of t�ie.dity hae-been discussed with Mr. Robert-.. _ • .
� ",, 0'Connel•l�of Corporation_Counsel's-staff�and Mr. Clemen�s J..:'Sch`leck_of,the Comp'troller's: -
� `� Office, �and ia�naw• in��a form, satisfactory�.to`the•Depart�ent of�Housing���;ilrban,D�vel"op-: = ��; p-�
'� � ` `ment` �the`Ci � ,�and� �he Auth�orit . In dis.cus8ions with-Mr.`�Schleck'and Mr.r0'Conael ' ;���'�
.. =: � .. „-��. , �3' � Y, . . I�, -_ ,. .
_ � ;, . �., �- � , .,, _- : �
°•, °�° �` respecting,tiie Cooperatiori Agreement-betti;ieen' the Autt�ority_and the`Citq,-it hsa appeared ` �= '`'
. __ � Co be de�irable to amend the Coopeiation Agreement� reapecting the pro,ject,to more clearly _ ,°
., �;.: ' identifq„ae. be�ween the Autho�ity. and.the Ci�ty, ,the sourcea, of re�$ymentY of th�._above- .� �.- .�_
�"'fi- x referenced cNote or othe"r. Notes. that might be issued pursuant �to the Temporary Loan �• .f : ,� �
� -f ;;.' 'ContracG. -`_ _� • ' ' , , _ -- ,' _ ,, - :- -• • , _ , . ' • .` - r.. , . .�.r . ,{�'- . , - .
- ' � _ • �r� ' _ �r 4 _ . .r ♦ Y . _ • � �� ,5.� ^ ' ` , ` ' - � � , . ' � _ � -
These eouirces in,order o� �their priority, of .app�icaCion-,under the; proposed� Amendment' ~ � � � •
. - � would� be: '�.Firat,` alltunericuaaberecl:proceede o� the Project Temporary.'Loa►n Note'or,Notes; ,, . �
" _ ` second,tall �funds in�the_ Temporary_Loan Repapiaent account .mairitained �by,the Authori_ty - ' � :
- � • _(all, proceeda��of °�a1ea of land.acquired under Ear1y� T�and.Acquisi`tion, proceeds of iental ` � -
- . -thereof;�and :proceeds of inveatment of Pro�ect_Temporarq I.oan Note .funds); th�.rd; the ' �� �
` . ��Redevelopmerit Pro�ect Fund�'Reeerve'; which Reserve the Authority has-obligated itself to � _ � "
_ � °, matritain at:a lenel �of,'at- least $1;132;000.00;:and,�fourthly,' to' t6'e estent neceasary � = ' ' �:
� - -. issuance 'by the City- of Urban.Rereewal--Bonds in�an^amount not �to ,esceed 'one`-ehird of net -_ .- " :
- ` project cost aiid .iasuance of`�Housing and �Redevslop�nent}Authority,�.Bonda_�pursuant Co the : � •
" �_ ` terms� ot .ttie'Cooperation Agreemene _dated May 29, �968:�_�: ' - -, ' •- ... _ " ' . .
�. =- - , - :�t. � , _, t ~ .. .:, . .{-,_ - . _- , D . , . , -- ; _- . ; _.: . : * : -. - . _ -
.. =_ -. � - . . . . . _, , .� . , . �.O p� . -. :. . _ _ ._ _.
,_ . _. : . _: . . _. _. . .. : ._ _ _ _ . : _. . . _ . r ¢ : .. � .: .�__. , .. .�.. _._ . y , , . _._ .f.
;. � • � - ' - � -
- "'�• - �_ 4 • • � ' . _ . � •'� � � �
. .♦ ` o. - _ - - - ' _- `. ' ' � • ` • � • . - - - .� ` •. - , , � - - , , � '- .1 ^ �_-r •
I� - - - . .
'�i!F�Y. ' . _ • - ' ` • - _ - _ ' ' � - � 1 , •' �, - � � , ., " � , - '
! ^ �. . , . • � ` .�__ �r - -. .r ` � '- . ' " ' • , ' , �, , . , - .'. � ' • z � - " : ,,,., `" .
- • • . - •` . �' - �• • • ' , y, '^����� • _ � �- .. t �` �• _ � . - ' .. • � = _.^ • ` '� It `.
_ __ ' The Sonorable Mayor-,'and 'Council - : �:. � -2- --� � -j: �� ; = $ep�ember 25, 1968 - - _ . � _
r .' ' � 'i- ` � � �''� � ,s�. ' ' - '_ ' . _ ' .-
- -. The_ Authority, therefor.e, �equesta,Council consideration.and appr�val of the - � '
. - � execution of �Project Temporary Loan Note No. 1�issuecl by the �Authority in �the � _- �
- ' , siaount .o� $2,407,00O.O.Q, which Note_ contairie the�written undertaking by the City�_ . � - � _
_ _ for,repaymeat "cqndi.tioned ,upon� the provisions 'of�`the Temporary,Loan Contrac� and .- � � .
•�ooperation �Agreements ,and approval of the First Amendment to the.:Cooperation ' . . - - ,
� .. ' , Ag�eement as ,�.bove outlined. ` • � _ , - - . - _' .,- : - -�_ _ ` - J , _ _ '_
, - ,_ - . Yours very truly� � -- �` _ � ' ' �. . - � < . ._ ..� , . " •_ - . � _. . - � : . _. : r.. ,
_ . . . _ . , .- : , . _ - -. . - - _ • °� . _,_ . _ - -
.� . . - ' - - . � . - - � : � _ ' :' �� , _• _ . _ . _ � . _
. . ' .Edward� I�. Hel£eld. -_ -..� - � ' �. "' _ , . -- _ ' . . _ - .- � ` .
� . Executive 'Director'` � -- ' � � . -' � ' - - . - ' " - -, T _ . . - � � -- _ _" -
• . ~ �_ + • _ _ � y ,t 4' _ _ � ~ . _ ' ` ` : ' � Y , _ � '
'. ' , a " L. . , ' , " _ . ' ' . . .
' . • . ` ' ' :., ' _ . .. = l- � � ' - _ -_ . -: '. - , ` = : ..
-• " +. " . _ - _. f_ ", _.", • . ' ', ` � . "
. . . . ' ' ' _ , , r` {�..' , "" j _ .. . ,. - .. . . � �-� � , _ • ` \ '. .. �`_ r �� . � - _ ' .
- ,-, . � ~ ` r-' - '- - _ . , , r;� �I , ` • -- ' - - ' , , ..
' ` _ � . _ + . . '' _r ` . �,' ,,- ' , - -1 " .-. ' t ' � " '� _ '. - • • ; , "
'� . , z . ' ' _.�; �{ r't - " ' ' - -- "'
_ ' '" T 3_ _ ' •. , , . _ _•} - •, : ' � +1 " ' ' -� � �i' � f � •£' ! �' `'t? r. �' . ; - ,, ` _r • ' .. Y .
-- . ' . . , - 1'�.; ' - }.n _ � "' 'F� ' - , , a _[ ;'� . `i. � ' - _ � ' _^ ' . . _�. - .
" _ • • _ �' _ � -_ . _ '}+�T `-� ' �� . • " - :+ - ��. � .-- '
;'' ^"• -�. _ -
a ' ' ._i _ .- 4l- ' ' y'T T-*' _ i s{` .��. _,.' _ � " ' .�i. L`S�V _ ' _� , s -� - t ' .- ' .
'1 • ±� i- " � _ .. '- • . �^. ' t , • - ., • ' _ ' `' •, _ •
, � ' ' �_ _ . _ ' ' ' ' . �' ' .�f , ', - '- . L . •_ - • - � ' "' , , � • �
. - � - , � _" : ` . . �' . .z • �-- -_ r _ ' ' . ' i _ z .
. _ � _, ` '- ` ... ' -. y�. .-, _ i i = _ ry ±i g. '_ ,f � �, , � ., `•_ ,.- -- - , : _ _ Y .
'- I• .4 y` - T ! : ` .. ,- ' . ~'. - -t • � ' ' • .' k' '. '' " _� . 1 ' y � .-+ - • j -* , - , ', �' - _
' • ' i , _ ' ` . ¢' - : ',i.� T _ �. - ' _ . _ . _ - , i �
• _ n ( .. - � R: , _ , .. .�ryy - _ n ''�+p�a��_ _ �- - - . . - , . ` _ - - - - -.` ;i
, - - - - � ' - . ' ' - y . � ' -, . ._ ' . r . . ' '
s :.- "• • , ,• ` ` � - - . • ^, � . .,.. r - ,� ' t � • � ,. ' - • ' T. ' , • y I ' �.
� .• ' , _ -• < ' , ' 1- ' : . - � ; �_ y ' , , �, , _ � ' � _ ( .- _ .
e - t - � _- ,. _ � - ._ - _ _ i.- � ~ - • �
,
:.� � - o� y" � y- O
� ,. � Ana Cod�612 �,��Tr °�' PAUL J. KELLY
�, � 7233121 ��� P:
THOMAS J.ST�HRNS
- o •a�:Y..::. �-`+ JON R. DUCKSiAD
; -_=°:S" ,� ARTHUR M. NELSON
' ' ��. '° ' �� JEROME J. SEGnL
THOMAS M. MOONEY
'ROBERT E.O'CONNELL JAMES W. KENNEY
First Assistant CITY O�' �AII��' PAIJI� KENNETH J. F17ZPATRICK
GERALD H. S�"/ANSON
DANIEL A.KlAS PAUL F, McCLOSKEY,JR.
Spccial Assi:tant LEGAL DEPARTMENT LOUIS E.TORINUS ,
31 G Cify Holl, Sf. Paul, Minnosota 55102
JOSEPF! P. SUMMERS S2 tember 27 1968
Corporafion Counsal P 7
To the Honorable Mayor and Members ,
of the Council of the City of Saint Paul .
Re: Application ;�or Project Temporary '
� Loan Note No. 1 -- Sununit—University
� Urban Renesval Area, Project Minn. .
� R-47 , Saint Paul , Min.nesota.
Gentlemen: '
As counsel for 1;he City of Saint Paul , and subject to our
three—page � opinion to your honorable bocly dated May 28, 1g68, I
have examined the record of all proceedings of the Council of
said Cit� relative to the issuance and execution of Project
Temporary Loan Note No. 1 in the principal amount of �2, 407 ,000. 00
in corulection �vith the subj ect designated .proj ect, said note being
one of an authorized issue of �7 , 360, 766. 00 aggregate principal
amount o� such notes which are authorized to be outstanding at any
one time. _ .
I have also examined said note and the undertaking by the City
of Saint PauT incorporated tlzereon, said note, together with the
-interest thereon, in acco�dance with the terms thereof, is payable
to the United States of A.merica on demanc� bearing interest at the .
rate as provided in said note.
. It is further the opinion of this office that said proceedings
'have been taken ancl the requisite resolutions have been adopted,
and the undertaking incorporated on the reverse side of said note
form has beeri executed on behalf of the City of Saint Paul by its
proper City officers in form, manner ancl otherwise as authorizecl
- and provided by law; and the City' s undertaliing set forth on the
reverse side of said note and constituting additional security
thereunder when the T3nited States of America shall have accepted
- delivery of said note, made payment therefor and duly executed the
legend appearing at the foot thereof, will be a valid and legally �
binding obligation of the Housing and Redevelopment Authority of
the City of Saint Paul and said City payable and seclired by the
�terms thereof. -
. � • '
� � �� , .
L �
� _ j -
r
� w
To the HonoraUle PZayor and �
Members of the� Council o�
the City of Saiut Paul� -2- September 27 , 1968
The undersigned hereby certify that none of said proceedings
and no authority for the execution, issuance, sale and delivery
of said note have or has been repealed, rescinded, or revol�ed, and
said resolutions are in full force and ef�ect. Furthermore, no
liti'gation of any nature is no�a pending nor to our l�nosaledge is
threatened (either in State or Federal courts) restraining or
enjoining the execution, issuance, sale or delivery of saicl note
� or in any nianner questioning or affecting the validity or security
� of said- note or the validity of said proceedings.
The undersignecl hereby certify that, within the six-month
'� period immediately preceeding the date of this opinion, no ,
legislation has been enacted which affects the power or authority
of the City to finance, undertake, or carry out the aforesaid
Project, or, its right to execute the undertaking set �orth on the
reverse side of said note or any other notes of the aforesaid
authorized issue or to mal�e provision for the payment therefor in
� accordance with laws pertaining thereto , or which changes the
organization of the City or of its governing body or the method
of appointment or selection thereof.
, . ' Respectfully su mitted,
� ,
' - osep P. Su ers
Corporation Counsel
. � /
� � . G.�,Lvz+�� � �-�i•
Ro ert E. 0 ' Connell .
� � First Assistant'
' Corporation Counsel � •
REO�mla � •
- ti �
. , . �
. �
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. ` . -
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