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221516.= TORIGINAL TO CITY CLERK 221516 CITY OF ST. PAUL COUNCIL NO FILE OFFICE OF THE CITY CLERK COUNCIL RESOLUTION — GENERAL FORM PRESENTED BY COMMISSIONER -L�� DAB RESOLVED, That the Council of the City of Saint Paul hereby approves: "A BILL FOR AN ACT RELATING TO THE CITY OF SAINT PAUL; AUTHORIZING THE CITY OF SAINT PAUL TO ACQUIRE THE REQUISITE SITE OR SITES THEREFOR AND TO CONSTRUCT AND EQUIP ADDITIONAL BUILDINGS OR STRUCTURES WHICH ARE TO BECOME PART OF THE MUNICIPAL AUDITORIUM COMPLEX OF SAID CITY AND TO RECONSTRUCT, EXPAND AND MODERNIZE THE EXISTING AUDITORIUMS TO PROVIDE NECESSARY NEW EQUIPMENT THEREFOR, AND TO ERECT VEHICULAR OFF - STREET PARKING RAMPS OR AREAS, ALL OF THE SAME TO CONSTITUTE AN INTEGRAL. PART OR INTEGRAL PARTS OF THE MUNICIPAL AUDITORIUM COMPLEX OF THE CITY OF SAINT PAUL UNDER THE CONTROL AND MANAGEMENT OF ITS COMMISSIONER OF LIBRARIES, AUDITORIUM AND CIVIC BUILDINGS; AND FURTHER, AUTHORIZING THE CITY OF SAINT PAUL TO BORROW A SUM OF MONEY NOT TO EXCEED $9 000 000 FOR SAID PURPOSES AND THEREFOR TO ISSUE"'AND SELL, FROM TIME TO TIME, AND WITHOUT SUBMISSION OF THE QUESTION OF THE ISSUANCE OR SALE OF THE SAME TO A VOTE OF THE ELECTORATE$ THE GENERAL OBLIGATION BONDS OF SAID CITY IN SAID LIMITED SUM NOT TO EXCEED'$990009000, AND TO SECURE THE PAYMENT OF SAID BONDS BY THE PLEDGE OF THE FULL FAITH AND CREDIT OF SAID CITY." and recommends the same to the Ramsey County Senate and House delegations. FOR fROVEID � Ask. Corporation munsel JAN 151955 COUNCILMEN Adopted by the Council 19— Yeas Nays Dalglish JAN 151965 Holland Approved 19— Loss 6 In Favor Meredith Peterson �lj WAV Mayor Against `k ssen— PUBLISHED JAN 2 3 1966 MA. S'ice President (Rosen) ions e-as • 1 -9 -65 City B111 1VQ42 A BILL FO!�. : 7T A.OT RELATING TO THE CITY OF SAi.'T-T PAUL; AUTHORIZING THE CITY OF SAINT ?AUL TO ACQUIRE THE REQUISITE SITE OR SITES THEREFOR AND TO CONSTRUCT AND EQUIP ADDITIONAL BUILDINGS OR STRUCTURES WHICH ARE TO BECOME PART OF THE MUNICIPAL AUDITORIUM COMPLEX OF SAID CITY AND TO RECONSTRUCT,, EXPAND AND MODERNIZE THE EXISTING AUDITORIUM, TO PROVIDE NECESSARY NEW EQUIPMENT THEREFOR, AND TO ERECT VEHICULAR OFF- STREET PARKING RAMPS OR AREAS, ALL OF THE SAME TO CONSTITUTE AN INTEGRAL PART OR INTEGRAL PARTS OF THE MUNICIPAL AUDITORIUM COMPLEX OF THE CITY OF SAINT PAUL UNDER THE CONTROL AND MANAGEMENT OF ITS COMMISSIONER OF LIBRARIES, AUDITORIUM AND CIVIC BUILDINGS; AND FURTHER, AUTHORIZING THE CITY OF SAINT PAUL TO BORROW A SUM OF MONEY NOT TO EKCEED $9,000,000 FOR SAID PURPOSES AND THEREFOR TO ISSUE AND SELL, FROM TIME TO TIME, AND WITHOUT SUBMISSION OF THE QUESTION OF THE ISSUANCE OR SALE OF THE SAME TO A VOTE OF THE ELECTORATE, THE GENERAL OBLIGATION BONDS OF SAID CITY IN SAID LIMITED SUM NOT TO EXCEED • $9,000,000, AND TO SECURE THE PAYMENT OF SAID BONDS BY THE PLEDGE OF THE FULL FAITH AND CREDIT OF SAID CITY. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. Subdivision 1. The city of Saini, Paul is hereby authorized to acquire the requisite site or sites therefor and to construct and equip additional buildings or structures which are to become part of the municipal auditorium complex of said city and to reconstruct, expand and modernize the existing auditorium, to provide necessary new equipment therefor, and to erect vehicular off - street parking ramps or areas, all of the same to constitute an integral part or integral parts of the municipal r auditorium complex of the city of Saint Paul un der the control and management of its commissioner of libraries, auditorium and civic • buildings, and for the purpose of its procurement of the necessary money for the payment of its costs and expenses incurred and to be incurred in the acquisition of said site or sites therefor and in 4 1 -9 -65 No .42 the construction and equipment of any such buildings or structures, hereunder, said city is hereby authorized and empowered to borrow a sum not to exceed $9,000,000 and to provide therefor by resolution and therefor to issue and sell, from time to time, and without the submission of the question of the issuance or sale of the same to a vote of the electorate of said city, the general obligation bonds of said city in the aforesaid sum and amount of $9,000,000, and to secure the payment of such general obligation bonds by the pledge of the full faith and credit of said city therefor. Subd. 2. The aforesaid hereby authorized general obligation bonds of said city, for said purposes, in said sum and amount not to exceed $9,000,000, shall be issued and sold in accordance with • Minnesota Statutes 1961, Chapter 475, as amended, except, as aforesaid, that no election nor vote of the electors of said city thereon shall be required for the authorization of the issuance or sale of such bonds or for the issuance or sale of any of the same. Such bonds shall be in such form and bear interest at such rate, not to exceed six per cent per annum, as the council of said city may prescribe, and shall be sold by the council of said city to the highest bidder therefor after at least two weekst published notice of the time and place for receiving bids. Said bonds shall be issued to mature serially, the first installment of which shall become due and payable in not more than three years and the last of which shall become due'and payable in not more than thirty years from the date of their issue. The proceeds received from the sale • of such bonds shall be deposited by the city in a fund to be designated as "Auditorium Complex Project Fund" and the moneys shall 2 F7 0 C • 1 -9 -65 Bill No. 42 be disbursed therefrom forthe purposes aforesaid in the same manner as other funds of the city are disbursed, but only for said purposes herein expressed. The amount of such bonds from time to time outstanding shall not be considered in determining the net indebtedness of said city for the purpose of borrowing money or other purposes and the amount of such bonds or certificates of indebtedness shall be excluded in determining the debt limit of the city. Sec. 2. Neither the sale of such hereby authorized bonds nor the receipt ofthe proceeds thereof, nor the expenditure of the same hereunder, nor any tax levy required for the payment of such bonds, shall be included within the definition thereof or subject to any statutory or charter limitation otherwise imposed on said city's is net indebtedness, expenditures, appropriations or taxing authority, and hereby shall be deemed effectively excepted from the same. The council of the city of Saint Paul may provide by resolution that there may be set aside annually all or any portion of the net profits derived from the operation of the auditorium complex a .sufficient amount to pay the interest on said bonds and the principal of any such bonds maturing in any such year; and in the event such revenue is insufficient for this purpose, the council of said city shall include in the tax levy a sufficient amount for the payment of such interest as it accrues and for the accumulation of a sinking fund for the redemption of such bonds at their maturity. Sec. 3. This act shall become effective only after its approval by a majority of the governing body of the city of Saint Paul and upon compliance with the provisions of Minnesota Statutes, Section 645.021. KI