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232854 � 232�� ORIGI�IAL TO CITY CLERK ' f CITY OF ST. PAUL couNCi� � , y � �`� OFFICE OF THE CITY CLERK FILE NO. _ ; ' , : COU SOLUTIO — ENERAL FORM f 3 PRESENTED BY � COMMISSIONE ATF � � 1r;THEREA�S� th�e general duties of the Port Authority of the City of ' ; Saint Paul include promoting the general welfare of the city ai�d for ' ; this purpose the Port Authority is empowered to provide a system of ; F river and harbor improvements and industrial developments distric�s, � � WHEREA�� the establishment of a system of adequate and successful .' industrial development districts requires not only the construction of � ` � various buildings and structures, but also the installation and furnish� .' ing of equipment essential to the use and operation of such buildings � _ and structures, + � 'WHEREA�� the Port Authority is presently authorized to issue rev-� i ; enue bonds payable from revenues of the Port Authority to finance such� E ; buildings and structures� but such authorization does not include the - purchase of equipm�nt, � t . i WHERE�, the Port Authority has prepared legislation to amend - _ such authority to also permit the use of revenue bonds to finance the , - . purchase of equipment� such equipment to be located permanently or used - exclusively in such buildings and structures, ' � WHEREA�� the Port Authori�y has requested the suppor� of the City�? � Council in obtaining the passage of such legislation and it appears � ' that such legislation is desirable and necessary� ° NOW� THEREFORE� BE IT RE`�OLVED BY THE COIINCIL OF THE CITY OF �AINT " PAUT�: . � � � . � ; , That the City Council hereby endorses the legislation proposed by� the Port Authority of the City of �aint Paul authorizing the use of = revenue bonds receipts to purchase equipment for permanent or exclusive � use in connection with industrial buildings and structures eonstructed, : under the auspices of the Port Authority� and � ' ° ! } BE IT FURTHER RESOLVED� that the members of the City Council an � � other City officers endeavor to provide such�assistance as may be � : requested by the Port Authority to insure the adoption of such legis-- � '� � lation during the 1967 Legislature. � �APR 7196,7.� ' COUNCILMEN � ` Adopted by the Council 19# Yeas Nays ;f + Carlson �PR 71567 � � Dalglish �. Approved 19� �Ia��lam� , �� ; Meredith � Tn Favor j ; � � - �'P�teisn�--- (� Mayor_ Tedesco A gainst , ; . �k�;r;��n�,.B�ne�::Y::�:::: ; -- �.t:�::::.o=:.::�: ��H�n APR 151967 �� Mr. Vice President (Peterson) � t ,,�zz il :�. � �. ji I � �' ` ��••/^�jj i t - . , �� 1� _ . i� „� t � PORT AUTHORITY OF THE CITY OF SAINT PAUL � 1130 MINNESOTA BUILDING, 4TH AND CEDAR, SAINT PAUL, MINN. 55101, PHONE 224-5686 ` • March 30, 1967. � ; i � � , The Honorable Mayor Thomas Byrne and Members of the City Council City Hall and Court House t St.Paul, Mimzesota 55102 � ATTENTION: Harry Marshall, City Clerk � , Gentlemen: Enclosed is a bill for an act relating to Revenue Bonds Issued by Port Authorities and Authorizing the Equipping of Buildings and Structures; Amending Minnesota Statutes 1965, � Sections 458.192 Subdivision 10 and 458.194, Subdivision 1. � f ' The changes: ° , � A. Authorize the use of revenue bonds for equipping buildings; B. More clearly defines the types of Port or indus- _ • trial facilities which may be provided; � � C. Authorizes the issuance of revenue bonds in an amount sufficient to establish an initial re- serve for the payment of principal and interest. � � 1 � It is to be noted that the changes that we are seeking i are provided for in House File 534 which bill was passed by the House of Representatives on �.esday, March 14, 1967, and � is presently being considered by the Senate, a copy of which ° is attached. � � I � ' . �-.. ��-- I , �� . � - � � � � � � , . � � FRANK D. MARZITELLI EUGENE A. KRAIJT FRANK E. CLAWCON Fp CIS�D. HAGEN i,� E%ECUTIVH VICE PREEIDHNT AB818TANT E%HGUTIVfi VICfi�p681DHNT DIfllCTOR. INDU&TNIAL DEVHLO�MENT �M�I�ENGINEERy� d COMMISSIONERS FRED W FI6HER RICHARD C. RADMAN B6RNA11D T. HOLLANO H. WILLIAM BLAKE SEYMOUR VERHEY GERALD J. ISAACS ROB T F PETEI��I{{{LON 1 I� PR631D6NT VICH �RH6IGHNT SHGRHTARY TRHAlURHR ') �I ll LEGISLATIVE ADVISOR$ NICHOLAS D. COLBMAN, fTATH GHNATOR RICH�111D RICMIE, STATH Rfi�R6GHNTATIYH p � �p . h � � 9 . , . I �� l � �Ana Cod�612 ��d�tTp �'e GERALD A.ALFVEBY I t 423-5121 � ''x P11UL J. KELLY � � � '' THOMAS J.STEARNS ; � ;� ,. c JON R. DUCKSTAD i � ='r ^ ARTHUR M. NELSON ! JEROME J.SEGAL � ROBERT E.O'CONNELL THOMNS M. MOONE 4 First Assistant CITY OF SAINT PAUL GENE H. ROSENBLU JAMES W. KENNEY � � DANIEL A.KLAS + Sp�etal Asaistant L'fGAL DEPARTM'ENT 316 City Hall. St. Paul. Mineesota bS102 i JOcS;EPH P. SUMMERS � Corporation Counsel April 6, 196rf ' ; '. � ;I Mr. Harry E. Marshall j4 t City Clerk ! : 386 City Hall & Court House � � Saint Paul� Minnesota 55102 , ° t � I # , Dear Mr. Marshall: ( i Your letter of March 31� 1967, to Mr. Summers has been ' � referred to me for attention and reply. � � ! Enclosed is a proposed form of resolution for City � Council action wherein it is resolved that the City 1 ; Council endorse the amendatory legislation proposed by the Port Authority. ' ,� In this connection� it should be noted that Commissioners ! � Peterson and Holland are also members of the Port I� Amthority. I ; I The attachments to your letter are also returned here- ' �' with. ; � Ver truly yours� i a � i , era d H. S ranson j Assistant Corporation Counsel and Counsel for Port Authority � •� GHS :er ' � Enc. 2 i ; I i I , �O ; . I ; OUrL1�ATE TO rRINTER �32��;� CITY OF ST. PAUL FIOENCIL NO. _ • OFFICE OF THE CITY CLERK COUNCIL RESOLUTION—GENERAL FORM PRESENTED BY ' COMMISSIONER DATF , I I WHEREAS� the general duties of the Port Authority of the City of ; Saint Paul include promoting the general welfare of the city and for � this purpose the Port Authority is em�owered to provide a system of river and harbor improvemsnts and industrial devel.opments districts� - WHEREAS� the establishment of a system of adequate and successful � industrial development districts requires not only the construction of ! various buildings and stxuctures� but also the installation $nd furnishL ing of equipment essential to the use and operation of such buildings and structures, ' WHEREAS� the Port Authority is presently authorized to issue rev- � enue bonds payable from revenues of the Port Authority to finance such ' - buildings and structures� but such suthorization does not include the � purchase of equipment� � ' WHEREl�S, the Port Authori�y has prepared legislatio n to amend . " such authority to also permit 'the use of revenue bonds to finance the : purchase of equipment� such equipment to be located permanently or used = exclusively in'such buildings and structures� ; , � WH�AS� the Port Authori�y has requestec� the support of the City . Council in obtain3.ng the passage of such legislation and it appears � - that such legislation is desirable and necessary� NOW� THEREFQRE� BE IT RESOLVED BY THE COIINCIL OF THE CITY UF SAINT PAUL s . , � � That the City Council hereby endorses the legislation proposed byi the Port Authority of the City of Saint Paul authorizing the use of � revenue bonds receipts to purchase equipment for permanent or exclusive - use in connection with industrial buildings and structures constructed ? . under the auspices of the Port Authority� and a - _ � BE IT FURTHER RESOLVED� that the members of the City Council and 1 other City officers endeavor to provide such� assistan.ce as may be requested by the Port Authority to insure the adoption of such legis- lation during the 1967 Legislature. ,; �PR � 1967 �� COUNCILMEN ' �� Adopted by the Council 19" � � Yeas Nays � ,, � Carlson , �i�� 71967 ' � Dalglish Approved 19 � �-- i . Meredith Tn Favor � , _ „_,.,,_,.,,� Mayor � Tedesco A gainst � ��:°:��;e��i�z:��e::r:::�'_.� ' Mr. Vice President (Peterson) , i �22 � i . � .. ' _ • �� 'i _ . . . - - � - .� i ° 1 � "� ' - F �t' t . , , _ . ►i . �. . . . . ,: . :r;. . . , - . - � � ��{�, , h � ;1 . � � . The Honorable Mayor Thomas Byrne.,�� j : , �_ ;, ,;r �: -Page II - ,� :,:� -. and Members of the City Council�o �_ _ :; .�. .� �*; � `March 30, 1967.� t � _ ` � � •f . .. - r !�''� �� '.i{: • ` '� ' '_ . :c •-� �' � J ''' - . - �: - � a4 e' _3 • - r •� -' " � 5,� i� • � : " �,�:'. .� ;; + t "_?� ` - �F';,, F i�r; �:, . . , - v�This �is a statewide bill; however, any support that� the �� `:' F ��. . City Council of the City� of St.Paul may,.deem adv,isable will - . be greatly appreciated. • r�' �� ` �� s� '• .� _' i - _ �� ; .+: - - + - � ' � . � 1 � ' + _ . ' ' .- l �_ � . � - Very truly yours, , • �► �� - - • . . - r �- . ' - . - � % - - - - ..- . ° �r � '�; , � .- ank . arzit i '�` � . . , . Executive Vice e ident _ �� :;� FDM:mks ' � _ _ ' � f�'e`��. - ; . _ . - � :b '�' . - � - • . , , -;. - � � " . . , � r - � enc. � � - . . j i� � ' . . - � - „ ' - ' �d` '�. � ec: Gerald H. Swanson, Attorney- : - . �t �� City Corporation Counsel Office - - �! _�� . . , John W. C onnelly � - � . , ' .�� ►�• _ Research Analysist . - - _ � - .;_ � . - • - - - - , • i , •- � ' � � . _ � " _ '� !f .{. . '_. • _ l� � ` - • • ;� i. ' ' ' ' - . ' _ � , ' , • , _IF '"y� - -• -- . _. . � � � _ . - ,E :- ' . ` -. ' _ -,P _ _ . . , _ .. _ ' � - f 1' ^ . _ _ . . . ' '" • . ' _ ' � 'i" . , ' � '�- - � I � ' •� �� , ' . ` " • - . ' � i� ��• � • � � r . ' • � • ' � � �( _ � � �f J • � -_ � ` ~ f _ . . ' + _ � ��. " 1 �[ . • • � ' ' _ - _ _ •' ,� '' ( � 4 - - - _ . - " ' - i4 . - _ . . . i= . - . - - � - � . - ;f .' . _ , , _ . ,� ;� � - � - . - - . - - _ � . _ � . .��_ - _ � � � . �f � _ . - . - - �: - . . . _ ; �. -; , _- � . - ` � � �- . - - . . . ��;,° ,� . _ _ . . . , �j ,, _ _- _ : � -� � _ . _ . �� `� � . • � , � 1 t� . ,- . , - , ' . ' �#',��,,.� '� , • � l . + : , ,�',- a��' ° i';�,_ . . '�' . � 3� 4 � `' 'ii,': +i .ri j �,�,�t: .i •. . . • . . • � ' � � . . . , , , ' . � .� ` � ��' . `"y i�.. F7� - . � � �t � e T r,' • , • � " ,_ . �' . . •. >';' �6:;;? ,,- ". �' ..r , � . _ • . . � ,. ' .� � r,r •,' • ° . ; ;r,/�r� " . . ' • - ( „•: ,t r �,.' : i_ ..V, tr; �, � . • ir�; • � :,j�; ,, , " � `'�. •`. •'�; �re�� °� ).., ��.' �py�' _ ' t ' r '�k • { �- � ' �� i�• �i��•'1� � ' �, •�' '4; :�y � ` ' , '' , , • • '�l+ ,•'`,- ,' r,�F'. ' } '�• 1 _ . _ . , {��,.�t•� ' • ,6`t � , ` . . • '.t`! 'f F�� ,�! • . . ,. - {�•j..�, �� , A BILL FOR AN �CT . - ' -�' �, t� ; � . . . , r , �� _ . � i. ' • � " ' � RELATING TO REV�,NUE BONDS ISSUED •BY PORT , ,. " �' �� ' ' � . AUTHORITIES AND AUTHORIZING THE EQUIPPING • .-' - �<`� ,: 4:�'� i � , OF BUILDIVGS AND STRUCTURES; AMENDING ' ' " ��;�,��L��' ; i MINN�SOTA �TATU�E� 1,96 , �EC�YON5 458•.19� , . . . .-.. {.;��' � 9V�DIVISION 10� ANn 4��.194, 9UHnIVI8I0N �.. , ,� ' . � i� ' . . ,� , �� ` ,� . , ,: � BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTAs,�':� '� .' ` �; 's�i . ', • '- ,� ;t; : Section 1. Minnesota Statutes 1965, Section 458.192� . , � , ,�. � f t '. . :;�:E `�;i��_ ` . Subdivision 10 is amended to read: .:` � �,t t�_ '• �#� • Subd. 10. Such p�rt authority shall have �he authority '? �` , i r_• r • .� . � . ± '7�y " to sell or lease the land held by it for river, harbor or ��', 2� F.'',�. � . ,_ �Z. Y�_ � � industrial development in i.ndustrial development districts . �. '. ,; ., .•. , � • �s: ' . It may, if proper in th.e public interest, construct suitable ' r'''. ' • � � �'s; buildings or structures upon any, land owned by it and, if ' ; ��; � . . ' � �� deemed necessary for the purposes to be served by such ` '�� ' . , � •�, buildin�s and structures, it may install or furnish equipmetit � � ' : . , ,� ,� ' _ ' to be located permanentiv or used exclusively o�n such lands � �� 3 , or in such buildings all for the purpose of leasing or � � sellin� tshe same to private persons in the further industrial �� ;.' �� . ' �- � � ;� . ' development of such industrial district. It may exercise'.its � ��`,��_ � � ' . • �.—,;-_,.=__;�,_. _,:._._ �j" �� : ' ' authorit herein iven to the ac uj.sition develo ment '� � . � `� � Y� g � q � P �: ' - � �� . �� - :. �. . sale' or lease 'of single� or multiple, tracts of land to be. ":,'� '� �� . � � i ' �i� , , ' ;j�� , . . ;: � .- � � developed., irrespective of size� having .in mind that the �� ' �. ,-` . .�`°�. ; �pr , ' �{ ^�a , ' purpose of Laws 1957, Chgpter 812, is the industrial ' . • � . F .`� ,. r . . - , '� �- �� ; � � development of the district. • -� �+,� •, `,�"t ;#�: , r __._ . ' +;` '. .. � ,1�; Sec. 2. Minnesota Statutes 196�� Section 458.194, .�.� ; :�� , � - Subdivision 1 is amended to read: � � ''�� `��, � , . , ''�:^ - �� " : �H��. .'1; '� r € Subdivision. 1. The authority is hereby authorized and '' .' �t� ' 1, ��• ' � i,� � 1�•t I • � .' .,i`* .� � • j . I � � . . empowered to provide by resolution for the issuance at one -- ��'t '�� !� . . �.i.. �. �:� i M1�.. � n.f�: �' ;i! ��I �, . , ' time9 or �in series from time to time9 of revenue bond� of. the "��:��..,;�;. � '��.. �` ' , � , � - . . , � �- authority gor the purpose of providf.ng funds for paying t1�e.,. ;�,,�" �� • ' • , �3 , ', , ,. . . .` ;cF�;,:1� . . r . ., . . a, .)�` �.. �: � 'IE , , � • , . . • " � 4' � ', . � i " ';� 'L',•�: 'l f ` �� . � � � . i� , :� �,�-_{�' �' :. � .�:�� . � A , �:;`:�::4�}� �� '� � ' � 1� ' • . , � . s'• � , . j �i�� . . ' } .� MC _ :F• � , fi � "�} � ' i r 1 - . . . . '1 .�.�*' . ��w �ti �M � ,_. � 'i..r � . ��y 5 _ . ` ',; .i''* : , _, ' "'v ,�:i.:` . , ti;• , * • •�+ 1: �; �y�':. .:�:�. �'3 . " � �, , ' � ` .a - `t••`�` , .. - „F,' � . ' . � �Il, .. - � "� ��ti:�•y� . . . . f'' ;� r - , , ._ r . . - --' � ' "—' — --. . __�.._.,.-�.. '--"7.--''.�,.�w�:�lM ,j'...�—T-r.�w , ,. ; • ' �- >�'ti'-, � . 1 e � , ;� ':� .�Tz',"T":T';�`.;�. �. .. .� � .. _ . . - . . • - ! . , ,�"F r�� - ,. , . . .. 4 �. _ ... - � . < < .�- Fr_itr ,s`'�g - ' —° _ - - . ,... . +' - • .�-0 , -�- �1 s s . . ' �---ti,.�� . � : `��.� ' �� 'i , � . , � , �_ . R� , ' , � 'a�. i� �, � . ' , �,,�� L .� • � � , j ,��' � '� , . } ; , . ' � t ' •� {;�r{ � � , ` � r � '�!. . cost of th� acquisition of land necessary for the operations ,,`s : ; �,�'.;y��.-- :,'r ',.: ;�.�'+ -; , of the port authority, for the purchase, constructioni � . " � ,f : , -° .t ��:: , , ' equipping and operation of ariy port or industrial facilities�. ,:�� , . . � , ;��y 4•;. . . _ ' including but not limited to docks, wharves, warehouses, . . , �'�''��: ;,',;.. . � . . �� '��- piers factories lants worksho s offi.ce buildin s and any :' ' .`',��.�;��-, '_ , . - + ,� . .. ',`;. ' ',' j �;,� r � ,other' port terminali eg transportation,� or industrial • � �. ,, . • �f��:, . I ' ' ' - � ;��.; : .; . facilit �aithin its ' ,.:; ,, �. ',��j . Y �urisdiction� or for paying the cost of , ` ;� '� �'��t •.�.I�T�:.-.! 1 •T 1 . any extensions, enlargements or improvements of any pro�ect '-.'• .=�` �� !;•��• . "° , �� ,. ,�.,�; � � *.•';; �.:'�� . under control of the aiithority. ' Revenue bonds issued by the � �� . � ,,";' : � ' - �,;�s=r � � authority may include such amount as deemed necessary to . , , • Ef;�►L,'' • " - '•�-a ��¢i • : establish an initial reserve for payment of principal an�d ' . # �;' _ , 1� � •y� `:,a: �; . � interest of the. bonds. Such bonds,� and any� interest coupons - . ; �..` ?��;�:. ;�A . , .. . . . . t�,�.�. to be attached� thereto� shall be executed in such manner as , � �. � . i�s ; � � I • ' � , •` ' , ' . �� }'f +1 - � may be d�etermined by resolution of the" port authority. � � . � � �►• �� + .. .��i ,Yt � _ � • . {�;ti•- •b�,,;�r,.,�.* :}"x` �; '{�.,�` f-�i .r. . ',�' �` `��.} . ' t, -r��. . . � ' � : .;; , ',. ,,U �� .1 �. � l, # +s , ' , . . • • _; . � ' .�r i� ,�� +,'�d, '�� ',;+,.i,,..;��t.� �,r�•- �?;,t �•��L: �. �� : 1 ii� i ' ` {S�t . � .- - ,i 'r au7� ,':s =+tiftoi 4� • . F' �' '�i, '� +;• .•Y`.#�i. � � ' . ' � • �i ' � � � . ti� - »l� . , � �e.• �,'S'.;S� ':t',�d'. ' - .��,._ ' i'. 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' . iitf --. a .. . ."E„- ' , - ' --• . _- ;� f�. ;1,5c , � ' `4.� ' • . 1 • � ' i'. � '-! _. r' _ •',i '�_�}. . � � " '� +�i _. t�y � Tf;, . 1 . ` � . ' .. • Ai �f ,�}7{� . � . � , �. � , � ; 1� ��= . - . . • ,` � ��:3, � rr • `� • ,� , � , ' + � • I I1 176 ' State of Minnesota � �� I�O�JSE OF R.EPR.ESEl�'I'ATI�ES 9 ; �� _ , t _ i� SIXTY-FIFTH �� F� N�. 5 3 4 ;� SESSION } � 1 � I R �i, Introduced and Read First Time Feb. fi, 1967, by Messrs. Everson, Gustafson, '� � ; _ •` Bang, Gearty, and Frenzel. Referred to Committee on Commerce and Business Development. i ,� Reported Back March 7, 1967, to Pass as Amended. Read Second Time March 7, 1967. Matter in italics is new; matter in capitals when in ( ) is old law to be omitted. �� i �� A BILL for an Act to Promote Industrial Development by Municipalities of the State; Authorizing Munici-� ;� palities and Agencies Thereof to Provide and Lease Facilities to Industries, to Issue Revenue Bonds f�r ' . �� ;� the Acquisition and Betterment of Such Facilities, and to Mortgage Such Facilities and Appropriate,, :� E , Pledge, and Assign Lease Rentals for the Security and Payment of Such Bonds. � ; � Be it enacted b� the Legislature of tlae State of Minnesota: , Section 1. Subdivision 1. This chapter may be cited as the Minnesota municipal industrial devel- �� i ,� , 2 opment act. Its purposes and the conditions creating the necessity for its enactment are found and d�- � 3 termined by the legislature to be as stated in this section. ; 4 Subd. 2. The welfare of the state requires the active promotion, attraction, encouragement, and� 5 development of economically sound industry and commerce through governmental action for the pu�I� � . 6 pose of preventing, so far as possible, the emergence of blighted and marginal lands and areas �f� . �� 7 chronic unemployment. It is the policy of the state to facilitate and encourage action by local gover�-: s 8 ment units to prevent the economic deteriorati on of such areas to the point where the process ca�� '� 9 be reversed only by total redevelopment through the use of local, state, and federal funds derived fro�� } �i ' 10 taxation, with the attendant necessity of relocating displaced persons and of duplicating public serv- ' 11 ices in other areas. + ,i 12 Subd. 3. A primary factor necessitating such action is technological change in agriculture, min,I i # 13 ing, forestry, and other traditional industries of the state, the effect of which is to shift to a sig' � � � � 14 nificant degree the area of opportunity for educated youth to processing, transporting, marketin ,� ' , 15 service, and other industries. Unless existing and related industries are retained and new industrie � 16 are developed to use the available resources in each community, a large part of the existing invest�� , � ' 17 ment of these communities and of the state as a whole in educational and public service facilities wil ; ; � . t [ ' . � ,, . � • I i I ,� � 3 � � 54 Subd. 8. Each municipality and redevelopment agency upon leasing a project shall furnish the I � � 55 department of business development on such forms as the department may prescribe the following 56 information concerning the project: The name of the industry, the nature of the enterprise, the l�c�a- � �I j 57 tion, approximate number of employees, the general terms and nature of the lease; the amount of � � 58 bonds or notes issued, and such other information as the department may cleem advisable. The depart-: � � 59 ment shall keep a record of the information which shall be available to the public at such times as�he � 60 department shall prescribe. � .I Sec. 2. Subdivision 1. The term "project" as used in this chapter, unless a different mearung � ,r 2 clearly appears from the context, means any propertiea, real or personal, used or useful in connec p!n�� ( �% 3 with a revenue producing enterprise, or any combination of two or more such enterprises engaged or�� 4 to be engaged in assembling, fabricating, manufacturing, mixing, processing, storing, warehousing�or ! 5 distributing any products of agriculture, forestry, mining, or manufacture, or in research and devel�p- � 6 ment activity in this field. � 7 Subd. 2. The term "municipality" as used herein, means any city of any class, village, or borough, � 8 however organized. 9 Subd. 3. The term "redevelopment agency" as used herein means any port authority referred to.I 10 in Minnesota Statutes, Chapter 458, or any city authorized by general or special law to exercise thf e,� �'� I 11 powers of a port authority; any housing and redevelopment authority referred to in Minnesota St�i- � 12 utes, Chapter 462; and any area or municipal redevelopment agency referred to in Minnesota Stat- t t 13 utes, Chapter 472. Sec. 3. Any municipality or redevelopment agency, in addition to the powers prescribed elsewhexe 2 by the laws of this state, shall have the power to: . 3 (1) Acquire, construct, and hold any lands, buildings, easements, water and air rights, impro�e�- ; 1 4 ments to lands and buildings, and equipment to be located permanently or used exclusively on such � p ! o 5 lands or in such buildings, which are deemed necessary in connection with a project to be situated � � � � �� 6 within the state, whether wholly or partially within or without the municipality or redevelopment 7 agency, and construct, reconstruct, improve, better, and extend such project; 8 (2) Issue revenue bonds, in anticipation of the collection of revenues of such project, to finance, �n , 9 whole or in part, the cost of the acquisition, construction, reconstruction, improvement, betterment; 4 �� 10 or extension thereof; , 1 a 11 (3) Lease projects to any person, firm, or public or private corporation or federal or state govern- � 12 mental subdivision or agency in such manner that rents to be charged for the use of auch project{ I I ' � 13 shall be fixed, and revised from time to time as necessary, so as to produce income and revenue su �I ; l 14 ficient to provide for.the prompt payment of principal of and interest on all bonds issued hereunde�l, � '! 15 when due, and the lease shall also provide that the lessee shall be required to pay all expenses of the i 16 operation and maintenance of the project including, but without lxm,itation, adequate insuran�el .I � .I I ' � l � • � . , . ��- • -� � '�� ' � 6 I j� � ��- •53 impair the rights or interests of the holder, or holders, of any bonds isaued under the authority of N ' �� 54 this chapter; �� '' • 55 (10) Issue revenue bonds to refund, in whole or in part, bonds previously issued by such munici- 56 pality or redevelopment agency under authority of this chapter; and 57 (11) As lessor, re-enter the leased premises upon the default of the lessee and operate or re-lea�e;_ 58 the project in such manner as may be authorized or required by the provisions of the lease or of the j 59 resolution or indenture securing the bonds issued for the project; provided that no municipality �r • 60 redevelopment agency shall have power otherwise to operate any project referred to in this cha�ter � 61 as a business or in any manner whatsoever. � ;� �� Sec. 4. The acquisition, construction, reconstruction, improvement, betterment, or extension of,� � f 2 any project, and the issue of bonds in anticipation of the collection of the revenues of such projeCt �� 3 to provide funds to pay for the cost thereof, may be authorized by an ordinance or resolution of the � 4 governing body adopted at a regular or duly called special meeting thereof by the affirmative vot�I�f.� ' ,� 5 a majority of its members. No election shall be required to authorize the use of any of the powe rs � I � 6 conferred by this chapter. � . � 1 Sec. 5. In determining the cost of a project, the governing body may include all cost and esti-� 2 mated cost of the acquisition, construction, reconstruction, improvement, betterment, and extension�of�I � ' 3 the project, all engineering, inspection, fiscal, legal, administrative, and printing expense, the intere jt; 4 which it is estimated will accrue during the construction period and for six months thereafter on� �� 1 5 money borrowed or which it is estimated will be borrowed pursuant to this chapter, and such :! 6 amount as may be deemed necessary as an initial reserve to secure the payment of the bonds. '� � . Sec. 6. Bonds authorized under this chapter shall be issued and shall bear interest at coupon 'I 'f ,i- 2 rates conforming to Minnesota Statutes, Chapter 475, except that public sale ahall not be required, . � � 3 and the bonds may be sold at not less than 95 percent of the par value thereof, plus accru�d ,( � 4 interest. � Sec. 7. The governing body shall have the power, after the authorization of bonds pursuant ' �'�` � 2 to section 4 hereof, to provide funds immediately required for the purpose and not exceeding tYie ;! 3 amount of such bonds, by ef�ecting temporary loans upon such terms as it shall by resolution deter� : � � � � 4 mine, evidenced by notes subj ect to the provisions of section 10 due in not exceeding 24 months fro�I :�� 5 the date thereof, payable to the order of the lender or to bearer, to be repaid with interest from the� � �f 6 proceeds of such bonds when issued and delivered to the purchaser thereof. Such temporary loa�S .�� . . • 7 may be made without any public advertisement. + i Sec. 8. The validity of bonds or notes, issued hereunder shall not be dependent on nor be affecte i ' i 2 by the validity or regularity of any proceedings relating to the acquisition, purchase, constructio�,! � p� i 3 reconstruction, improvement, betterment, or extension of the project for which the same are issued� ! 4 The ordinance or resolution authorizing such bonds or notes may provide that the bonds or not�s� { � i � ; _ , � � � � a . � � ' ! .. , • � ' ' � 7 � f ` ' 35 (15) A procedure by which the terms of any ordinance or resolution authorizing bonds or� of 36 any other contract with bondholders, including, but not limited to, an indenture of trust or simil l r • 37 instrument, may be amended or abrogated, and the amount of bonds the holders of which must c�n-� 38 sent thereto, and the manner in which such consent may be given; and 39 (16) The subordination of the security of any bonds issued hereunder and the payment of pri Yc�i- 40 pal and interest thereof, to the extent deemed feasible and desirable by the governing body, to other 41 bonds or obligations of the municipality or redevelopment agency issued to finance the project �r 42 that may be outstanding when the bonds thus subordinated are issued and delivered. Sec. 10. Revenue bonds issued under this chapter shall not be payable from nor charged upon� •" 2 any funds other than the revenue pledged to the payment thereof, nor ahall the municipality or r`- 3 develo ment a enc issuin h m 1 r If ' p g y g t e s a e b e s u b�e c t t o a n y l i a b i l i t y t h e r e o n. N o h o l d e r o r h o d e a 4 such bonds shall ever have the right to compel any exercise of the taxing power of the municipality 5 or redevelopment agency to pay any such bonds or the interest thereon, nor to enforce paym�n�t i � 6 thereof against any property of the municipality or redevelopment agency except those projects, or , � 7 portions thereof, mortgaged or otherwise encumbered under the provisions and for the purpose of this . 8 chapter. Such bonds shall not constitute a charge, lien, or encumbrance, legal or equitable, upon a�y I � 9 property of the municipality or redevelopment agency, except those projects, or portions thereOf, � i � 10 mortgaged or otherwise encumbered under the provisions and for the purposes of this chapter. Ea�h R I 11 bond issued hereunder shall recite in substance that the bond, including mterest thereon, is paya�le 12 solely from the revenue pledged to the payment thereof. No such bond shall constitute a debt of the 13 municipality or redevelopment agency within the meaning of any constitutional or statutory limi�a�- I+ 14 tion. However, nothing herein shall impair the rights of holdera of bonds issued hereunder to enforce �. I 15 covenants made for the security thereof as provided in section 11. � '+ I Sec. 11. Subject to any contractual limitations binding upon the holders of any issue of revenue 2 bonds, or a trustee therefor, including but not limited to the restriction of the exercise of any reme�y � •3 to a specified proportion or percentage of such holders, any holder of bonds, or any trustee theref�r�, , 4 for the equal benefit and protection of all bondholders similarly situated, may: � 5 (1) By suit, action, or proceeding at law or in equity, enforce his or its rights against the munii j 6 cipality or redevelopment agency and its governing body and any of its of�'icers, agents, and emplo�� i , � ,` 7 ees, and may require and compel such municipality or �redevelopment agency or such governing body 8 or any such of�'icers, agents, or employees to perform and carry out its and their duties and obliga� . � 9 tions under thia chapter and its and their covenants and agreements with bondholders; i � � � 10 (2) By action require the municipality or redevelopment agency and the governing body there � 1 � 11 to account as if they were the trustees of an express trust; � 12 (3) By action enjoin any acts or things which may be unlawful or in violation of the rights of ; � 13 the bondhold'ers; � � , � � , , . � - i :