223450 ORI�AL TO CITY CLERK ���/��O
• r � CITY OF ST. PAUL FOENCIL NO �'
OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION-GENERAL FORM
�RESENTED EY
COMMISSIONE DA�
WHEREAS, �he Council of the City of Saint Paul, purs�ant
to� a resolution contained in Council File 220935, adopted
December �+, 1964, generally approved copies of forma dealing
with mortgage bonds. proposed to be iasued in order to finanee
the acquisition and redevelopment of Parcel J by the Saint Pau1
Municipal Development Authority, Inc. ; and
WHEREAS, at that time the Council of the City of Sain� Paul
had no ob�ecti.or� to the incorporation of �he Saint Pau.l Municipal
Development Authority, Inc. as a non-profit corporation, and said
Council found nothing ob�ectionable in the form of bond proposed
to be issued by said Saint Paul Municipal Development Authority,
Inc. ; and �
WHEREAS, the Counc3.1, pursuant to Council File No. 222176,
adopted March 3, 1g65, attempted to clarify the position of the
City of Saint Paul subsequent to a certain Revenue Ruling, being
Revenue Ruling 63-20 (published as TIR-�-42) zxB 1963-5; and
' WHEREAS, said Revenue Ruling stated,in part, �
- ^ . , "Accordingly, it is held that: . . . (3) the bonds
� to be issued by tk�e corporation will, _in effect, be
issued by �he City of Saint Pau1, Minnesota a�d
_ accordingly are entitled to the exemption afforded
by Section �+382 (a) (1) of the Code. 'Fhe exemption ,
applies to both the iaguance and the transfer of the
bonds.";
and
WHEREAS, the above-eited Revenue Ruling has lead to cor�fusion
and m3.sundersta.nding in that the City has no intention to issue any
of its bonds in connection witY� the redevelopment of Block J in the
downtown area of, Saint Paul; now, therefor'e, be it
�
COUNCILMEN Adopted by the Council 19—
Yeas Nays
Dalglish
Holland Approved 19—
Loss
. Tn FavOr
Meredith
Peterson � M8'yOr
A gainst
Rosen
Mr. President, Vavoulis _ _ -
' lOM 6�62 , �
ORI�RlAL TO CITY CLHRK � ""�'��o
� , CITY OF ST. PAUL FOENCIL NO.
. OFFICE OF THE CITY CLERK
- COUNCIL RESOLUTION—GENERAL FORM
�RESENTED EY
COMMISSIONEQ DAT�
2
RESOLVED, that the Council of �he City of Sa3.nt Paul,
Minnesota, hereby expressly states its unalterable opposition
�o t�e development of Block d of the downtown area by the
Saint Paul Municipal Development Av.thority, Ine. , or ar,�y
other corporation which propos�s to issue bonds in such form
as will �end �Go imply that said bonds are be3ng issued by the
City of �aint Paul, notwithstandir�$ araything to the cor�trary
contai,ned in Council File 220935 �d Co�ncil Fi1e 222176; and
- be it
Fi.TFiTHER RESOLVED, by the Counail of the City of Saint Paul,
that it hereby urges the Housing and Redevelopment Authority
to reconsider any action in allowing the Saint Paul Municipal
I)evelopment Au�ho�ity, Znc. or any other corporation� to finan�e
constru�tion of said Parcel J pursuant to exis�ing proposals
calling for the issuance of bonds which may tend to �.mply �hat
� said bonds are being issued by the -City"of Saint Paul; and be it
FUR�I�ER RESOLVED, by the Council of the City of Sair�t Paul,
that it is the intention of this resolution to clarify any and
a11 other statements or misstatements eoncerning the attitude of
the Covncil of the C3.ty of Saint Paul 3n opposit3.on to �he type
of� financing proposed by the Saint Paul Municipal Development
Authority, Inc. or any other aorporation; and be it ,
FURTHER RESOLVED, by the Council of the City of Saint Paul,
that it again gives notice that the Saint Paul Municipal Development
Authority, Inc. is not a political subdivision of the City of Saint
Paul, nor is it in fact a gover�mental agency having any� relationsYiip
to said City of Saint Paul, Minnesota.
� MAY 12 �
COUNCILI�N � Adopted by the Council I9—
Yeas Nays �� 1 �'�,�j'�j
Dalglish 1
Holland p roved 19—
Loss Tn F&VOr f ,
Meredith
� Pete rs on � MByOr
A gainst .
Rosen .
Mr. President, Vavoulis
,a� � PUBLISHED MAY 15 1965