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206088� L . ` icil File No. 200068 = Ordinance No. ori¢znnl to'CISy Clg:k - ,90—By Bernard, T. Holland — • ,art,F. Peterson— 20608Q ORDINA �jj ((�� • f• ordinance providing therefor an' tang authority to the Port Atit°v •snf the City of Saint Pau] r4, :Iwr" --gel:­ { ;enerpl eaw ^t; NO. .5,.41 E_ .'1C Ythg7 ` art1 sn aa. t[;c:r, xo s,ii yd W ' S PRESENTED BY _...F�. OditbINANCE NO. s An ordinance providing therefor and granting au -1 thority to the Port Authority of the City of Saint Paul to issue and sell General Improvement` Bonds of said Port Authority authorized by Minnesota Statutes 1957, Chapter 458, as amended, in the ag- gregate par value amount of $5,000,000.00 and addi- tional to the General Improvement Bonds of said Port Authority, thereby authorized and heretofore issued and sold, by said Port Authority, under and pursuant to Ordinance No. 11913, for the procurement by said Port Authority of additional necessary funds for its defrayment of the cost and expense necessarily in- curred and to be incurred by said Port Authority for its program of port and industrial development, in anticipation of the receipt by said Port Authority of payments, appropriations, rents and profits and of income from other sources; prescribing the amount and form of such bonds and the maximum rate of interest thereon; and providing that such bonds shall be secured by and authorizing said Port Authority to pledge;the full faith, credit and resources of the City of Saint Paul, a city of the first class of the State of Minnesota, in which said Port Authority has been created, as security for the payment of said bonds, such additional General Improvement Bonds of said Port Authority in an aggregate par value amount of $2,500,000.00, for said purposes, to be issued and sold, by said Port Authority at this time and the re- mainder of said additional bonds.in an aggregate par value amount wt to exceed $2,500,000.00, for said purposes to be issued and sold by said Port Authority when and as determined by said Port Authority._ necessary therefor. WHEREAS, the Port Authority of the City of Saint Paul did heretofore adopt its Resolution No. 159, dated January 16, 1962, thereby expressly constituted its application for and did thereby request the authorization of the Council 'of the City of Saint Paul, pursuant to Section 4.58.193, Minnesota Statutes 1957, Chapter 458, as amended, for the issuance and sale, by said Port Authority, of General Improvement Bonds of said Port Authority, in an aggregate par value amount. of $5,000,000.00, and additional to the General Improvement Bonds of said Authority thereby authorized, heretofore issued and sold by said Authority, under and pursuant to Ordinance No. 11913, approved February 39 1961, for the purposes set forth in said Resolution, a certified copy whereof, pursuant thereto, as and for said application in behalf of said Port Authority was pre- pared and presented to said City Council, by its Secretary in behalf of said Port Authority; such application of said Port Authority having been made for said City Council's authorization Yeas Councilmen DeCourcy Holland Loss Mortinson Peterson Rosen Attest: 1M 11-61 Mr. President (Vavoulis) City Clerk 22 Nays Passed by the Council Tn Favor Against Approved: Mayor C , 11 �G08$ -2- I necessary for said Port Authority's issuance and sale,', at this time, of such additional General Improvement Bonds in the ag- gregate par value amount'of $295009000.009 for said purposes, and for the issuance and sale by said Port Authority of the remainder of such additional General Improvement Bonds, in an additional aggregate par value amount of $2,5009000.001 for said purposes when and as determined necessary therefor, by said Port Authority; and WHEREAS, the Council of the City of Saint Paul, being duly advised in the premises, finds and determines that it is urgent and necessary that said Port Authority of the City of Saint Paul issue and sell, at this time, bonds of said Port Authority in the aggregate par value amount of $2,500,000.00, necessary for the procurement, by said Port Authority, of funds in said amount, for the purpose of paying costs incurred in the near future in the program of port and industrial development described herein and in said resolution, and also to issue and sell additional bonds of said Port Au- thority in an aggregate par value amount not to exceed $2,500,000.00, when and as found necessary by the Authority to defray the cost and expense necessarily to be incurred by said Port Authority in the further development of said program, all pursuant t o�the provisions and by authority of said Minnesota Statutes 1957, Chapter 458, as amended, and in anticipation of the receipt by said Port Authority of pay- ments, appropriations,.rents and profits and of income from other sources, a duly certified copy of said resolution being filed herewith, which, by reference, is made part and parcel hereof, and it is now the intention of said Council to grant authority therefor, to said Port Authority, and'to prescribe the form and maximum rate of interest of said bonds and to provide therefor and to authorize said Port Authority to. pledge the full faith, credit and resources of said City for the payment of such bonds as the same shall be issued and sold, pursuant to the authority of said Minnesota Statutes 1957, Chapter 458, as amended, and pursuant to the authority granted by this ordinance, by said Port Authority; NOW, THEREFORE, THE COUNCIL OF THE CITY OF ,.SAINT PAUL DOES ORDAIN: _ _ CC88 -3- Section 1. That subject thereto and in accordance with the applicable provisions, terms and conditions,of this ordinance and those contained in said Minnesota Statutes 19579 Chapter 458, as amended, authority hereby is granted unto the Port Authority of the City of Saint Paul for the issuance and sale by said Port Authority of General Improvement Bonds of said Port Authority, authorized by Section 4581939 Sub- division 1 of Minnesota Statutes 1957 Chapter 458, as amended, in the aggregate par value amount of 65,000,000.00, additional to the General Improvement Bonds of said Port Authority, Series A, dated.September 12 1961, thereby authorized and heretofore issued and sold by said Port Authority under and by authority of Ordinance No. 11913, approved February 3, 1961; that such additional General Improvement Bonds, in an aggregate par value amount of $2,500,000.00, hereby_are authorized 'to be issued and sold by said Port Authority, for the pr "ocurement by said Port Authority, 6f_-additional necessary funds, in said amount, for its defrayment of the cost and expense necessarily incurred and to be incurred in the immediate future for said Port Authority's program of port and industrial development described below; that such additional General Improvement Bonds in an additional aggregate par value amount of'$2,500,000.00 hereby are authorized to be issued and sold by said Port Authority for the procurement by said Port Authority of additional neces- sary funds in said additional amount for said Port Authority's defrayment of further costs and expense necessarily incurred in further development of said program when and as determined necessary therefor by said Port Authority; and that the bonds so authorized shall be- -issued and sold pursuant to the pro- visions and by authority of_said Minnesota Statutes 19579 Chapter 458, as amended, and in anticipation of the receipt by said Port Authority of payments, appropriations, rents and profits and of income from other sources, and solely in furtherance of said Port Authority's program of port and in- dustrial development comprising: (1) The acquisition of waterfront, riparian and other lands and the construction of docks, wharves, piers, dikes and other related port facilities,iboth in conjunction with the Federal government and separately; (2) The acquisition, development and redevelopment of lands for the purpose of establishing a system of harbor and river improvements and industrial developments within the port district, and within the industrial de- velopment district heretofore created therein for that purpose; (3) The-provision of recreational lands and fa- cilities along the river; and 206088 - 4 - (4); Incidental to the foregoing, the construction of a dike in conjunction with the Federal government; dredging and filling, grading and reclaiming marginal land for port and industrial purposes; the development of port and industrial areas; and the construction of storm and sanitary sewers, potable water distribution systems and streets in those areas. Section 2. That said bonds shall be in the form of serial bonds and each bond shall bear date not later than the first day of the month in which the same is delivered to the purchaser thereof; that the first installment of each issue of such bonds shall mature not later than three (3) years from and after the date of the same and the last in- stallment thereof shall mature not later than thirty (30) years from and after the date of the same; that no amount of principal of said bonds payable in any calendar year shall exceed five (5) times the smallest amount of principal maturing in any calendar year ending three (3) years or more after the date of issue of the same; and that said bonds shall be issued and sold by said Port Authority in the manner provided by law; that said bonds shall besach in.the denomination of a multiple of $1 000 and shall bear interest not in excess of six per cent 16 %) per annum payable semiannually according to interest coupons to be attached to the same; that said bonds shall be substantially in the form hereinafter prescribed by the Council of said City and approved by its Corporation Counsel; that said bonds shall bear such interest as said City Council shall approve, and shall be sold in one or more series by said Port Authority for not less than par value plus accrued interest, to the highest bidder therefor, after two (2) weeks' published notice of the time and place for receiving bids thereon; that the proceeds from the issuance and sale of said bonds, as received by said Port Authority, shall be deposited by it in a fund of said Port Authority allocated thereto and subject to disbursement only in defrayment of the costs and expenses necessarily incurred and to be incurred by said Port'Authority for the program of port and indusrial development hereinabove described, all pursuant to the provisions and by authority of said Minnesota Statutes 1957, Chapter 458, as amended, and in anticipation of the receipt by said Port Authority of payments, appropriations, rents add profits and income from other sources; that said bonds shall be payable in lawful money of the United States of America at the office of the Fiscal, Agent of said Port Authority, The-First National Bark of Saint Paul, or such other Fiscaf"Agent-of,'.said Port Authority as shall be appointed by said Port Authority,I`and as security for the prompt,a_nd_ - 5 - 206088 9 faithful payment of both principal and interest of said bonds said Port Authority hereby is authorized to pledge the full faith, credit and resources of said City; that said bonds hereby authorized to be issued and sold by said Port Authority, in the aggregate par value of $2,500,000.00, and said additional bonds hereby authorized to be issued and sold in a further amount not to exceed $2,500,000400, shall each be entitled "Port- Authori-ty of the City of Saint Paul General Improvement Bond, Series "ard,shall be issued in series consecutively designated, beginning with Series B. the bonds of each series to be numbered consecutively beginning with No. 1, and shall bear interest at such rate or rates not in excess of six per cent (6 %) per annum as shall be approved by resolu- tion by said City Council; that each of said bonds shall be signed by the President of said Port Authority, attested by its Secretary and countersigned by its Treasurer, provided that all but one of said signatures may be printed, litho- graphed, stamped or engraved on the bonds, and interest coupons ;,shall be attached thereto and shall be executed and authenti- cated by the printed, engraved or lithographed facsimile sig- natures of its President and its Secretary; that each of said bonds shall be.-sealed with the corporate seal of said Port Authority, or a printed, lithographed or engraved facsimile thereof; that if approved by resolution of said Council, any of said bonds may be made subject to redemption and prepay- ment at the option of said Port Authority at such time and - - _ price or prices and upon such noti_ce�as.­shal•1 be provided, in _ - said resolution; that each said bond shall be in substantially the following form which has been prescribed by said Council and approved by the Corporation Counsel of said City with suitable`��variations as to serial designation and number, denomination, place of payment, redemption provisions;, in- terest rates, and nominal date of issue: UNITED STATES OF AMERICA .STATE OF MINNESOTA COUNTY OF RAMSEY PORT AUTHORITY OF THE CITY OF SAINT PAUL GENERAL, IMPROVEMENT_ BOND SERIES . No. ....... $19000 KNOW ALL MEN BY THESE PRESENTS, that the Port Authority of the City of Saint Paul, in the County of Ramsey and State of Minnesota, acknowledges itself to owe and for value received hereby promises to pay to bearer the sum of ONE THOUSAND DOLLARS on the first day of ........., 19..9 together with.interest thereon at the rate of .............. per cent per annum from the date hereof s 4V- r 16G until paid, payable ...................... 19 ......, and semiannually thereafter on the first days of ............ and ............... in each year, interest to maturity being evidenced by and payable in accordance with and upon pre- sentation and surrender of the annexed interest coupons as they severally become due. Both principal and interest of this bond are payable in lawful money of the United States of America at the office of ...... ............................... in ... ............................and for the prompt payment of this bond, both principal and interest, when due, the fbIl faith, credit and resources of the City of Saint Paul are, hereby irrevocably pledged. This bond is one of a series amounting in the ag- I gregate to the sum of ......... ........................Dollars ($ ..............) issued by said Port Authority for the pur -, pose of procurement by said Port Authority of funds for the payment on account of said Port Authority of the cost and expense necessarily to be incurred by said Port Authority for a program of port and industrial development described in Ordinance No. .......... of the City of Saint Paul, all pursuant to the provisions and by authority of Minnesota Statutes 1957, Chapter 458, as amended, and in anticipation of the receipt by said Port Authority of payments, appropria- tions, rents, profits and income from other sources, thereunder, and in accordance with the provisions, terms, and conditions of Chapter 458, Minnesota Statutes 1957, as amended. This bond is issued.'pursuant to Ordinance No. ........... enacted by the Council^of the -City of- Saint -Paul, and duly signed, attested, - and authorized by said Chapter 458, Minnesota Statutes 1957, as amended, also by Resolution of said Council No. ........ passed and approved ........................ 19...., and under authority of and in all respects in full compliance with the Charter of said City of Saint Paul, as applicable thereto, also by resolution of said Port Authority No . ............. passed and approved ...................... 19....., under authority thereof and in all respects in full compliance of all applicable provisions of law and Chapter 475, Minnesota Statutes 1957, as amended. It is hereby certified and recited that all things, acts and conditions required by the Constitution and laws of the State of Minnesota and the Charter of said City to happen and be done and performed precedent to and in the issuance of this bond -have happened-and been done and performed 206088 - 7 - in regular and due form and time as required by law;,that prior to the issuance of this bond said Port Authority has levied for each year, until the principal_ and interest are paid in full, a direct annual tax on all the taxable' property in the City of Saint Paul in an amount not less than five per cent in excess of the sum required to pay the principal and interest hereof when and as such principal and interest mature, which tax is irrepealable until all such indebtedness is paid, and may be reduced only in the manner and to,�' the extent provided in said Chapter,458; that additional taxes, if necessary for full payment of such principal and interest, are required by law to be levied upon all such property without limitation as to rate or amount; and that neither the total indebtedness of the City of Saint Paul nor that of said Port Authority, including this bond, exceeds any constitutional, statutory, or charter limitatnn. IN WITNESS WHEREOF, the said Port Authority of the City of Saint Paul, by its proper officers, has caused this- - bond to be sealed by a facsimile of its Official Seal litho- graphed hereon, to be signed and countersigned by the litho- graphed facsimile signatures of its President and its Treasurer, attested by the manual signature of its Secretary, and.each of the interest coupons hereto annexed to be executed and authenticated by the lithographed facsimile signatures of its President and Secretary, and has caused a true and correct copy of the opinion rendered by bond' counsel as to the validity of the issue including 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 dated as of the........ day . of ..........4.- 19 ..... r - (Facsimile signature) ............................... President Attest: .......................... Secretary Countersigned: (Facsimile signature) Treasurer COUPON No. ......... On the first day of ...... .....:........ 19...., the Port Authority of the City of Saint Paul, promises to,pay to bearer .... :............. ........................DOLLARS at the office of ............ ............................... in ... ............................... for interest due that day on its Port Authority of the City of Saint Paul General Improvement Bond, Series..........., dated...........,....., 19....., No. ..... (Facsimile signature) President Attest: (Facsimile signature) Secretary There shall be.printed on the reverse side of each bond a true and correct copy of the text of the opinion rendered by bond counsel as to the validity thereof, at the time of.delivery of such bond. Section 3. That such bonds both in respect of the principal amount of the same and in respect of the interest thereon, shall be paid by said Port Authority from tax levies provided therefor and authorized by said Chapter 458,, Minnesota Statutes 1957, as amended, and from the earnings and all income received by said Port Authority from whatever source derived, to the extent that such earnings and income are determined by the Port Authority to be available for such purpose and are not pledged for the payment -of revenue bonds issued under Minnesota Statutes 1957, Section 458.194, as amended by Laws 1961, Chapter 497• _ That said -Port Authority, in-the-event of the is- suance of any of said bonds authorized hereunder shall, be- fore the issuance of the same, levy for each year, until the principal and interest are paid in full, a direct annual tax on all the taxable property in said City of Saint Paul in which said Port Authority has been created, in an'amount not less than 5% in excess of the sum required to pay the principal and interest of the same when and as such principal and interest mature and, after such bonds have been delivered to the purchasers, such tax shall be irrepealable until all such indebtedness is paid, and after the issuance of such bonds no further action by said Port Authority shall be necessary to authorize the extensions, assessments and collection of such tax. That the Secretary of said Port Authority shall forthwith furnish a certified copy of such levy to the County Auditor of Ramsey 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 U 6ACinal to t ity Clerk �.r PRESENTED BY ORDINANCE COUNCIL FILE NO, ORDINANCE NO. :� f_:� i6 4 tax so levied, and shall do so annually until the principal and interest have been paid in full. That any surplus re- sulting from the excess levy therein provided for shall be transferred to a sinking fund after the principal and' in- terest for which the tax was levied and collected has been ' paid; provided, that said Port Authority may, on or before October 15 in any year, by appropriate action 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 principal or interest or both on each specified issue of its bonds and the County Auditor shall reduce the levy for that year herein provided 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;pur- pose than for the repayment of the principal and interest on siuch bonds. That all such taxes being authorized to be levied under Section.458.193, Minnesota Statutes 1957, as amended, pursuant thereto shall be collected and remitted to the P ort Authority by the County Treasurer in accordance with the pro- visions of law governing the collection of other taxes and shall be Ts—e6-solely for the payment of such bonds when due. _ ': i Section 4. That said Port Authority shall provide for the exercise of the authority hereby granted for its is- suance and sale of its said bonds in the aggregate par value amount of $53Gj00$0OO.00,'for the aforesaid purposes, and the pledge of the full faith, credit and resources of said City of Saint Paul, as security for_ the payment of the same, by its appropriate resolution. That in each such instance said Port Authority shall make due compliance with all applicable requirements of this ordinance, said Chapter 458, Minnesota Statutes 1957, as amended, Chapter 4.75, Minnesota Statutes 1957, as amended, and all other applicable laws. Section 5. That this ordinance shall take effect and be in force thirty days after the passage, approval and publication. Yeas Councilmen Nays DeCourcy Holland Loss a Mortinson Peterson Rei;Q44- Mr. President (Vavoulis) Attest' ity Clerk 1M 11-01 22 tr" 7L'JI Passed by-the Council MAR 13 1962 Tn Favor Q A Approve4j _ MAR 13 1962 Mayor -Duplicate to Printer ORDINANCE COUNCIL FILE NO 206088 PRESENTED BY ORDINANCE NO. An ordinance providing therefor and granting au- thority to the Port Authority of the City of Saint Paul to issue and sell General Improvement Bonds of said Port Authority authorized by Minnesota Statutes 1957, Chapter 458, as amended, in the ag- gregate par value amount of $5,000,000.00 and addi- tional to the General Improvement Bonds of said Port Authority, thereby authorized and heretofore issued and sold, by said Port Authority, under and pursuant to Ordinance No. 11913, for the procurement by said Port Authority of additional necessary funds for its defrayment of the cost and expense necessarily in- curred and to be incurred by said Port Authority for its program of port and industrial development, in anticipation of the receipt by said Port Authority of payments, appropriations, rents and profits and of income from other sources; prescribing the amount and form of such bonds and the maximum rate of interest thereon; and providing that such bonds shall be secured by and authorizing said Port Authority to pledge the full faith, credit and resources of the City of Saint Paul, a city of the first class of the State of Minnesota, in which said Port Authority has been created, as security for the payment of said bonds, such additional General Improvement Bonds of said Port Authority in an aggregate par value amount of $2,500,000.00, for said purposes, to be issued and sold, by said Port Authority at this time and the re- mainder of said additional bonds in an aggregate par value amountrnt to exceed $2,500,000.00, for said purposes to be issued and sold by said Port Authority when and as determined by said Port Authority necessary therefor. WHEREAS, the Port Authority of the City of Saint Paul did heretofore adopt its Resolution No. 159, dated January 16, 1962, thereby expressly constituted its application for and did thereby request the authorization of the Council of the City of Saint Paul, pursuant to Section 458.193, Minnesota Statutes 1957, Chapter 458, as amended, for the issuance and sale, by said Port Authority, of General Improvement Bonds of said Port Authority, in an aggregate par value amount of $5,000,000.00, and additional to the General Improvement Bonds of said Authority thereby authorized, heretofore issued and sold by said Authority, under and pursuant to Ordinance No. 11913, approved February 39 1961, for the purposes set forth in said Resolution, a certified copy whereof, pursuant thereto, as and for said application in behalf of said Port Authority was pre- pared and presented to said City Council, by its Secretary in behalf of said Port Authority; such application of said Port Authority having been made for said City Councils authorization Yeas Councilmen Nays DeCourcy Holland Loss Mortinson Peterson Rosen Mr. President (Vavoulis) Attest: City Clerk IM 11-ol 2 z Passed by the Council Approved: Mayor Favor A gainst 206088 ! l 2. • _ - - necessary for -said 'Port Authority's issuance and sale, , at this time, of such additional General Improvement Bonds•in the ag- gregate ° part ,value, Amount. , of' _$2 9 500-, 000 � 00 9 _for said -purposes, and for• the ,issuance '�hh _saie by • said,,,Port Authority of the - remainder of such'additional General - Improvement Bonds.,'in an additional, aggregate., par value ,amount , of w2, 50090004009 for said purpo n; ses, whe"and, as:- determined necessary •therefor, by said- Port :Authority; and '`• • }- WHEREAS , -, thq, C ounc iT: of tie ,C ity of Saint Paul j - - 'being duly advised .in.ahe_pretdisea, Finds '.and determines that it' is urgent- and_ necessary that said Port Authority of the _ -City of-Saint Paul issue and sell, at this tift,_ bonds �of said Port ,Authority in-the aggregate_par value amount o;f $2;500,000,00, necessary for the procurement;•by'said Port Authority o- of. funds-in said 'amount, .for the-purpose of paying ' costs incurred in the near Future in the program of port and t' industrial development described - herein and 1w.said resolution,- arid`also to -issue and sell additional bonds of said Port Au-- thority in•an aggregate par value amount not to exceed ; $2,500,000,00, when and as found necessary by the Authority - _ '-to defray.-the cost and expense necessarily to be -'incurred by ' said - Port Author ity` in the. °further ' development - of said rirogram, . all - pursuant to .the provisions and by authority -of said - - Xinnesota- Statutes 1957, Chapter.458,.as amended, and in anticipation of. the-receipt by said Port Authority of pay- ments, appropriations,_ 'rents, and profits and of 'income from, otlier sources, . a' duly certified copy of, said'- resolution being filed, herewith, which, by •reference, °is made part.'and parcel hereof,, and it is: now -the intention . of said Council to grant authority therefor'; to said Port _Authority,. and -to prescribe ` the form and maximum rate •of interest-of said bonds and to- provide therefor and'to authorize-.-said Port Authority tot pledge the full faith; crodit",and resources of said City, for r the payment .of such�_b.onds'1as the same `s.hall be issued and sold, pursuant to the authority. of said Minnesota.Statute's 1957, Chapter 4580 as` amended, and pursuant to' the -.authority granted by this ordinance, by said 'Port Authority ;' - ' NOW, =. THEREPORE, THE COUNCIL- OF THE CITY OF 'SAINT PAUL DOES ORDAIN; . - ; 206 - 3���� Sectipn 1. .That subject thereto and in accordance. with,the applicable provisions, terms and conditions of this ordinarice and those contained in said Minnesota "Statutes 19579 Chapter -458, as amended -, authority hereby is granted unto the Port Authority -of the City'of Saint Paul'.for,.the issuance and, sale -by said Port Authority of General Improvement Bonds of said Port Authority; authorized by'Secton 4584�g3 Sub= division`l of-Minnesota Statutes 1957 Chapter 456; as- amended,- '': in 'the aggregate par value amount of 65,000,000.00, additional to'the General Improvement Bonds of said Port Authority,. Series A,,dated September 1, 19,61,-thereby authorited-and' heretofore issued and sold by,'said•Port Authority under and by,-outhority, "of - Ordinance No. 11913, approved February :3, 1961; 'that -such additional General'Zmprovement- Bonds, in an aggregate• ' par value - amount of $2,500,000.00, hereby are authorized jto, be issued and sold by said Port Authority,. for 'the - procurement by said Port. Authority, bf'cadditional necessary funds, An said , amount, for . its defrayment-of the cost and expense necessarily incurred and .to' be incurred in the immediate future for. said Port Authority's program of port and industrial development described below ;, that such additional" General•Improvement Bonds -in an additional aggregate -par value amount of $2,500,000.00 hereby are, au'thor.ized to be,issued and . sold by said Port Authority for'the procurement by,said Port Authority of additional'neces- sary- funds -in said additional amount for said-Port Authority's defrayment of further costs and expense necessarily incurred in- further development of said program when and as determined 1 necessary therefor by said Port Authority; and'that the bonds: - so authorized shall be'issued and sold pursuant to the pro visions and -by authority` of said Minnesota Statutes 1957, Chapter.458,-as amended, and in'anticipation of. -the receipt ,i by said -port Authority of payments, appropriations, rents and profits-and of income from other sources,, and solely;. in furtherance of 'said Port Authority's program of port and, in-.;. _ dustrial, development .comprisings (1) -. The'- .acquisition _of waterfront, riparian-and, ' other lands •and the construction of- docks, viharves;, =' piers, dikes and other related port facilities, both in con - junction with_the Federal government and separately; (2)* The acquisition, - development. and.redevelopment of lands for the,purpose of establishing a system of harbor and river improvements and industrial, developments within the part •district;': and . within the industrial ;de= ' velopment district heretofore - created therein for that ' t purpose; (3) 'The provision of recreational lands 'and fa,= cilities along 'the' river:; ._ and Ji •• ` ." v ,y�. S -; `•,f }' -S -fir ,: •. `'• :( `. - % ,. .9 ,• #3 2o6om .4 -(41' -(41 Incidental to the foregoing, the•construction ± of a,`dike ri "con junction with the -Federal government; - dredging and filling, grading and reclaiming marginal g land for - _ port and. industrial purposes.; the development _ of port and industrial areas ;.and the- construction of- - storm and sanitary sewers, potable water, distribution systems..and'str.eets•in those areas. Section.2:, That said bonds shall.be in the form r of serial -bonds and •eacki bond ' shall bear date not later than the first day of the -month in which the same is delivered. - to the purchaser thereof ;-that the first installment of each issue of•such bonds shall mature not'later than three (3) years from and after the date of the same and the lastlin- stallment- thereof shall mature not later than thirty (30) 4 years. from and after the date of the same; that,no amount of i -principal of said- bonds.payable'in.any calendar year skull exceed five..(5.) times the - smallest amount of principal maturing - in any calendar year ending three (3) years or more after the date, of - issue � of} the same; and that -said bonds � shall be issued and sold by said: Port ;Authority in� the manner provided by law; - that' said bonds - shall be each `in 'the* denomination of a multiple of $1f000 and shall bear.interest not in excess of six -:per cent 6%),.p,er annum'payable semiannually according to interest . coupons'_ to be ,attached to. the ' same; that said bonds shall be substantially in the,form hereinafter'prescribed by the,Council' of said City and approved by,its Corporation Counsel; that z said bonds shall bear -such interest as said City Council shall - approve, and shall be sold in 'one or more series by said Port - Authority, for not -less than par value plus accrued interest, to the'highest bidder therefor; after two (2) weeks' published # notice of the time and'place for receiving bids thereon; that -the proceeds from the issuance and sale of said bonds, as received by said Port Authority, shall be deposited by it in ' -a fund of said Port Authority allocated thereto and subject to disbursement only in 'defrayment of the costs and expenses necessarily incurred and, to be incurred by,said Port Authority for the program of -port and indushial development hereinabove described, all pursuant -to the provisions and-by-authority of said Minnesota Statutes 1957, Chapter 458, as-amended, and in anticipation of the receipt by said -Port Authority of P a men is f- f- _ appropriations; rents and profits and income from other sources; that said bonds -shall be payable in lawful money of the United - States of. America at the office of the Agent of said _ _Fiscal Port °Authority, The First National Bank of Saint -Paul,-or such other Fiscal Agent of- said-Port Authority -as shall be appointed_ by said Port Authority, .and -as - security for the prompt and - F ,' -ter - ♦ - - .. - ! . • as ' � - - , ._ - - a - ` - "' - •�y���� 1' .. ^ r - * ;•< _T ._ •' }' .. 'aye t ., :.} - 5��� .. _ -. - faithful payment-of-both principal and interest of said bonds said-Port-Authority hereby . it ' authorized -to pledge the full y ' ' faith# - credit` and resources of. saidr,dit - that said,bonds hereby' authorized to be issued and 'sold by said Port Authority, in• the aggregate par value -of $2 ,.500,000.00,•and said ,additional bonds, hereby authorized to be- issued atid` sold in a further amount 'not -• to- exceed, :$2, 500,`000.00, shall = each be entitled "Port Authority of the: City of Saint Paul General Improvement,_ •' Bond, Series "ar&,'hall be issued in series. consecutively designated, beginning with Series B,'the bonds of 'each 4 series to,be numbered consecutively beginning with No.,1, and shall bear interest'at such rate or rates - excess - "not.in of six per cent (6 %) per annum as shall be'- approved b 'resolu- y,. ` tion by said City Council; that each _ of said •.bonds - shall' be signed by the President of _said Port Authority, attested by _. its- Secretary grid countersigned by its Treasurer,• - provided that all but-one of said signatures may be,printed, litho-- graphed, stamped or engraved on the - bonds, -and interest coupons shall -be attached-thereto and shall -be executed -and authenti- cated by the printed, •engraved or lithographed 'faceitihe sig- natures of its President,and its Secretary ;'that eaeh'of said 'bonds shall be sealed with the corporate seal of 'said Port Authority, or a- printed, lithographed or' engraved.faesimile thereof; that if approved by resolution of` said Council, any -of' said bonds -may be made subject to redeuip.tion and' prepay- ment at the option of said Port Authority at such time and ' t price or, prices and upon such notice as shall be provided in said resolution; that each said bond shall be in substantially the, following form which has' been-prescribe'd by said Council _ and approved by the Corporation Counsel of said City,- with suitable•variations.as to serial designation and number,, d0nomination% place -of payment,'redemption provisIons,'-in:' t terest rates; and. nominal date .of: issues UNITED STATES OF AMERICA i -STATE OF-MINNESOTA - COUNTY OF I�AMSEY = " - ;• '.PORT AUTHORITY OF :THE CITY OF SAINT PAUL _ GENERAL IMPROVEMENT BOND SERIES KNOW ALL MEN BY THESE PRESENTS, that, the Port Authority of the City of Saint Paul,_in'the,County of Ramsey ' and State of Minnesota �__ acknowledges- . itself to . owe a_ for _nd value received hereby promises'to pay.to.bearer the sum of- ' ONE - THOUSAND DOLLARS .on" the , -first ' da y of 0000....'.: - . together with interest'thereon:at the rate of :..'....;.;::. r . 10, 46 ; ., . 0 0 . 0 0 .. per cent (, ..'. 0.0 . %) per annum rrom the., date hereof 4.. Ar until paid -PmyO 19 .'tb' ret& r on' the -- irst' ft s of 6 U res -m*tu ity, teibg efLc� t U 1: year? accordance,-.wi n -pre:,' ;iiA�`aurrendir.'�bf tl* 46nixed. intete0t, coupons ieftati(m' rML iw 7�)iej J8 eve "aue'.`- BOil principal q .intere*tj5f, thii-boid­ b ix money f the' "Ot -Axibri, 6 ai icd Of 'ad - for tb,& pt�pt' of t .both princ t11 rterept,. ,wh en7 d p eI 'the llui ox b 'are" Cjt�( Qf,"ftint, paw' ­ e I berebi irr*vq0_ ably, pledge k 'hip botA, ii, ibab 0,e :4i ier'ie'a,' =t- ng irt,t3ap '0 gr te.,to: tm -�Alzi at. -DOU Aut4o jr pose; o pr ocureiie U­by aid,,Pbr Authority -of .for the nit, on - evccdumt Of . said .port gthotity:'of tbe'.'0oet,'gx)4, im�l� by said Pbrit AU-thp -:r-6 expeAse 'aft yA - -rity t eina'-in4iiitj�ita "diveloVmeAt _4excril�.6d- in-' a ram :,Of - port Ordij pa=6 of City of iajAt 'Aa sad- by- .'aiAl pjx8wwt.0 wovibidn6' l6rity-6k j4ipjies6td.,' 7 St­* ; 1957e 04�ptdr 4581 ­0 tbO, receipt_ , id Port Authority I_Appko ia- a6, tio" Tit"m frame'' pt r relitsI. j#0 5 .411a !��' ii - -, tmro coo -and '�ii tik"Imovigiont,' t6tmj�' 604dit and I& Of chaPtoer 45§>----UiUndsotoL u."ded, 'llThlz7-b= by -11�M enw 5, :of t bt Sgidt J 06��ji, be_.Cit� taa _' J'and aut�iorizaecl. by, ear :6baptet 45 ;,,KtjPnesoti► as ."epded also o -a ilt io of i d Coubil approve 19 an ut pasiaed d� qdji in all_l� res -ce e4t46riaty. 0 pects �U omaiAn 'With the Charter 'bf - said, -Cit:r of Saitit"Psivl­ as ajplic�i16, thir a of -A id �or�.,Autllo o­ 'p "acid, d .authority thereof. end in aij re'. 3 in -J! imwe, or_,- inn6 All All- Ab aic,16 5 0 H sots` ta-, 195T;y! t _jS Y-ce e ted,;, of ac ai he' ti C.M. tibts, i -.by-t, ,Cop* tution Aad.'jo*m( t L 'StO6 -of--Xinn600taL' and -tbe"C)ieAer of'baid-,lClty_.t6_ A -the isaAnc dobe b 6,4* ­nt; to end in akfid an e this ;boa lav e.,, hippdh*d be en done wA• ;perfori#6& V, 4 J. A I a, -%% „ y— r -- r -• ely' 88 r in regular and due form_ and time as required by law ; - that _ prior, to the - issuance of this bond. said Port Authority has levied for year; until tho principal and interest are = _each paid in full, a direct annual tax-on all the taxable property in the City ._of Saint. -Paul in an amount - not, less f than five per cent in excess of the,sum.re_quired to pay the ` principal and interest hereof when and as such principal and- interest mature, which tax is irrepealable until all -such indebtedness is :paid, and may 'be reduced only in 'the •' manner and to to. the extent provided- in `said. Chapter .458; - that additional taxes; if-necessary for full ' pa -gment of t ” such principal and interest;. .are required' by law' to_ be.' : - levied upon all such property without`,limitation as-to rate or amount; and that neither the total indebtedness of the ' City ,of Saint-Paul nor that of said Port Authority-$, including ' this bond,-exceeds•any constitutional, statutory, r charter limitatbn. , 1N WITNESS tiflMEOF;_the said Port Authority of the } City of Saint.-Pauli by its proper- -officers, has caused - -this ` bond to be seled by a ,facsimile of its Official Seal. litho- graphed hereon, to be signe.d and countersigned by the litho- i - graphed facsimile signatures of," its President and its `treasurer,' } attested by' the manual signature of its-Secretary' and : cach - of the interest .coupons hereto' annexed to be executed and authenticated by the lij�jiographed facsimile signatures of its ' President and`.Secretary, -and has caused a true and, correct _# copy of the opinion rendered by ,bond counsel-as to the ;validity of-the issue including ,this bond., • rendered at the time of .,. : . 4 delivery hereof* to be printed on the reverse; side' of this 1 bond-and has caused this - bond `to be dated as of the.. •R• • • • . .:' day.of.•':.:...., 19...., , (facsimile .signature) > , President Attests ••,•••••••••••••:.••f'••.•�• _ - ' Secretary -, Countersigned's*(Pacsimile signatures F __.COUPON, .. On the first day Of.. :.... . : . ......... . 19 ... • , the Port_Authority of the City, of Saint Paul, promises to pay -to bearer...,... ..... .:.. : :.,._.• .•......:....•..,......DOLLARS at the _ • 8 office "d i+ ri�l 0 4F#- i-• assr•s•s• » 446 ♦'•r. *rr�'i f r i « • * r. a r t •'.i '± s.» R i .i 'i • • * .* i i 0 » r s fair' ;i ntereot due that 464_ On, Its Port Authority of the _ y o aiut Paul. Qen,oral .ICI provelACTIt. Bond# S�3r�.O� t.i, i � f'i M l r r • � d8�'iQ�a' s » i * t r . * i } s * � +F i - •- _ - • .. . - PrasideM . F - 'Atto.stj (F€ osi.mi //#'le`y signature) s i • e _ , ' _, r - q+ho -O ti7h011 - e . d'ri lited pia e' i e Brae z lda . o _ eagb' bond a truo and oQriaot copy of the text • of the Opinion rande�red by bond eoui sel ms• to the val IdIty-ther e6fp at the -tim4 of-do i eryr of, ouph bond T , ect ion 3, ` That- .evtcsh bands both i x�. respect. ;of the pr ;noipal- .amount of 'the -same and in,'-rospeot, of the int®rast tMvreon, ? she 1 bo pal' by said •Port' Au,tho rity from.. tax ;levies = providod therefor a ud •authorized bar _said. Chapter 458 M_�Innesoto Statutes 1957 '..ao ai~iende.d, and from the eairnings and. 411, Income , XCce_i vad b es d Port: �rWthority iroM what+evar aouroe derived # ` to' then oitent that aueh- earnings and . inodme are dotormined by r the' Port Aut hi)rit' t o_ tae a v4 i lablo for sue purpose arid. are 4 not pledged - for the-. payment -of -revenue bonds. i-a�s3ued finder Minnesota Statutes 1957,0 Section 458 «1.94* as amend'& *r Laws- 1961.r Chapter .497 i' • ' ' 'fh t said. Part Mithdrity iii -t ie- event of the Is. -s'uance o:'• any O:r saki boado autho;lzed hereunder - .iahalL .`tae. _ ` 'fore th$ :ssuance of, ,the, sa *i; levy for each ye ari unt_l the priicipAl a�n,d -IrItearoat -airs 'pold in full',- a direct annual - _ - taX •+gin S11 tho taxable p.xoporty in $aid City pf Say tit . Vats, ` in which, said Part Authority has boon. created ' in an aaqunt - not less.-` than. • 5% i1i excess ' of the came required to• pay tho �., Principal and interee�t of 'tbo gaame• when. and as suEeh •prinoipal arid.. int®�as�aat i tUre •and ` after Oaoh bonds have 'boon deb 1 aR od bra_ the --purohasers, sudh- tsx • she l be rropealabla until, all suoh .ndobtednesa io �Oold grid after the ,soixaaca;+ euQh bt�rids Ito'. _ further- aoti.-on-_ by sell liort Authority -shall be neae6spry to authbriso `the - eXtonQi:onsi a��aaser�nts and Qa�77.eati.ori a�uoiit tax.- - Th€ t the - Soors►ta ry. of said. part Authority shall forthNi.tIa furni0h, a c Ottified copy ,of- such levy -to tbo County Auditor,. of Ra msoy CoUntys • Niranesots , the county -ln- whi©h asi,d -Fort Authority aid eaxid; City alts :ca ted# together tfith, full inforinatio re gardi:t- tho bonds. cif Said Part Authority ;for which the tax is 1.0X1 od'`444'-$uch County Auditor, shall extend. and, a0e'- go tbo r y, -Duplicate t6 Prtntei ".� ORDINANCE 206088 PRESENTED BY - 9 - COUNCIL FILE NO, ORDINANCE NO. tax so levied, and shall do so annually until the principal and interest have been paid in full. That any surplus re- sulting from the excess levy therein provided for shall be transferred to a sinking fund after the principal and in- terest for which the tax was levied and collected has been paid; provided, that said Port Authority may, on or before October 15 in any year, by appropriate action 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 principal or interest or both on each specified issue of its bonds and the County Auditor shall reduce the'levy for that year herein provided 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 pur- pose than for the repayment of the principal and interest on such bonds. That all such taxes being authorized to be levied under Section 45$.193, Minnesota Statutes 1957, as amended, pursuant thereto shall be collected and remitted to the P ort Authority by the County Treasurer in accordance with the pro- visions of law governing the collection of other taxes and shall be used solely for the payment of such bonds when due. Section 4. That said Port Authority shall provide for the exercise of the authority hereby granted for its is- suance and sale of its said bonds in the aggregate par value amount of $3,900,000.00, for the aforesaid purposes, and the pledge of the full faith, credit and resources of said City of Saint Paul, as security for the payment of the same, by its appropriate resolution. That in each such instance said Port Authority shall make due compliance with all applicable requirements of this ordinance, said Chapter 458, Minnesota Statutes 1957, as amended, Chapter 475, Minnesota Statutes 1957, as amended, and all other applicable laws. Section 5. That this ordinance shall take effect and be in force thirty days after the passage, approval and publication. Yeas Councilmen Nays Passed by the Council DeCourcy Holland Loss In Favor _ Mortinson Peterson � t Mr. President (Vavoulis) Approved: Attest: City Clerk Mayor iM 11-61 c001022 � 1i11 I loll FRANK D. MARZITELLI [%ECUTIVE VICE PRE$. LYLE E. KINVIG GENERAL MANAGER FRANK E. CLAWSON DIRECTOR INDUSTRIAL DEVELOPMENT DALE D. BRADDOCK CHIEF ENGINEER PHILIP W. FITZPATRICK CONSULTANT COMMISSIONERS PHILLIP H. NASON PRESIDENT RICHARD C. RADMAN VICE PRESIDENT ROBERT W JOHNSON SECRETARY NEIL H. GRIESENOW TREASURER ALBERT J BRAND BERNARD T. HOLLAND ROBERT F. PETERSON ed rl P O R T A U T H O R I T Y a OF T H E C I T Y OF S A I N T P A U L 6 0 E A S T F O U R T H S T R E E T SAINT PAUL I, MINNESOTA - CAPITAL 6.3483 January 23, 1962 / 1 The Honorable George J. Vavoulis Mayor and Members of the City Council ; of the City of Saint Paul +, City Hall and Court House Saint Paul 2, Minnesota There is transmitted to you herewith, a certified copy of Resolution No. 159 adopted by the Port Authority at their Special Meeting held January 23, 1962 which requests that consideration be given to the adoption, by the City Council, of an ordinance' authorizing the Port Authority to issue its General Improvement Bonds, Series B, all in accordance with the terms and conditions indicated in said resolution: } 1 Very truly yours, i t 1 Robert W. J son Secretary . Js i / P O R T A U T H O R I T Y OF T H E C I T Y OF S A I N T P A U L 6 0 E A S T F O U R T H S T R E E T SAINT PAUL I, MINNESOTA,- CAPITAL 6.3483 January 23, 1962 FRANK D. ELLI Mr. Robert W. Swords EXECUTIVE IVE VI VIDE PRES. Corporation Counsel LYLE E. KINVIG City of Saint Paul GENERAL MANAGER City Hall and Court House FRANK E. CLAWSON Saint Paul 2 Minnesota DIRECTOR � INDVSTRIAL DEVELOPMENT DALE D. BRADDOCK Dear Mr. Swords: CHIEF ENGINEER ` PHILIP W. FITZPATRICK There is sent you herewith a certified copy of Resolution No. CONSULTANT 159 adopted January 23, 1962 which makes application to the Council of the City of Saint Paul for authorizing by ordinance COMMISSIONERS of issuance and sale by the Port Authority of its General PHILLIP H. NASON Improvement Bonds, Series B. PRESIDENT _ There is also attached hereto copy of the letter transmitting RICHARD C. RADMAN VICE PRESIDENT a certified copy of that resolution to the Mayor and the City Council ROBERT W. JOHNSON SECRETARY "- W e are also sending you herewith two copies of a tentativet NEIL H. GRIEBENOW TREASURER draft of the suggested ordinance which is based' upon the , ordinance prepared by Mr. Louis Sheahan, Director of Laws,' ALBERT BRAND that covers the authorization of the Port Authority G_ I. BERNARD T HOLLAND Bonds, Series A. The attached draft includes changes and additions that were inserted to cover the expansion of the ROBERT F. PETERSON bond purposes as indicated in the resolution. The attached draft also reflects the changes gffected by the Laws of 1961, Chapter 497, particularly as reflected in Section 3, relating to the use of earnings and income other' r. than the taxes levied- for the payment. of _the bonds, through the insertion -of the provsi:on - called for by Minnesota Statutes 458.194, Subdivi- sion-5'which now expressly provides that no revenues pledged forrthe_ payment of revenue bonds shall be,used or pledged for other purposes or the payment of other bonds, even general obligation bonds, unless specifically,quthorized. The attached suggested draft was prepared by the Port Authority Bond Attorney, Mr. Arthur B. Whitney of the Firm Dorsey, Owen, Barber, Marquart, Windhorst and West. Should there be any questions concerning this ordinance, please feel free to take them up with us or directly with Mr. Whitney. Very truly yours, ' ✓F'� P.- '1. patrick Consultant PWF:js -OFFICE OF CITY CLERK BUREAU OF RECORDS A6 CityHall and Court House St. Paul 2, Minnesota MRS. AGNES H. O'CONNELL i City Clerk HAROLD J. RIORDAN Council Recorder r a �6 January 25, 1962 i _ JAN 2 6.1962 Mr. Robert J. Swords ; Corporation Counsel CORPORA1IGN� t;Vi,N; CL Building Dear Sir: The City Council requests that you prepare the proper ordinance authorizing the Port Authority to issue its General Improvement Bonds, Series B, as more fully set out in the attached resolution of the Port Authority. ' cry truly yours, 3 t � I ty Clerk �N CITY OF SAINT PAUL — MINNESOTA s No, 159 PMT AUT ORITY OF THE CITY OF SAINT PAUL RESOLUTION WHEREAS, The Port Authority of the City of Saint Paul has undertakeno under and pursuant to Minnesota Statutes 1957, Chapter 458, as amended, a program of port and industrial development comprising: (1) The acquisition of waterfront, riparian and other lands and the construction of docks, wharves, piers, dikes and other related port facilities, both in conjunction with the Federal government and separately; (2) The acquisition, development and redevelopment of lands for the purpose of establishing a system of harbor and river improvements and industrial develop- ments within the port district, and within the in- dustrial development district heretofore created `herein for that purpose; (3) The provision of recreational lands and facilities along the river; and (4) Incidental to the foregoing, the constrketion of a .dike in conjunction with the Federal government; dredging and filling, grading and reclaiming marginal land for port and industrial purposes; the development of port and industrial areas; and the construction of storm and sanitary sewers, potable water distribution systems and streets in those areas; and WHEREAS, The'initial costs of this program have been and are being paid with funds derived from. the sale of $2,5009000 Port Authority Improvement Bands, Series A, dated as of September 1, 1961, issued by the Port Authority as authorized by Ordinance No. 11913, adopted by the Council of the City of Saint Paul and approved by the Mayor February 3, 1961, and it is estimated that the am of $295000000 will be needed to.pay costs of the program to be incurred in the near future, and that the-further develop- ment of the program will require additiaaaai commitments to be made in the current year, aggregating perhaps $2,,500,000; Iii,THEBEFORE,BE IT RESOLVED, that the Port Authority of The City of Saint Paul does hereby snake application to the Council of the City of Saint Pahl for authorization by ordinance, pursuant to Minnesota Statutes 1957, Section 4580193, as amanded, of the issuance and sale by the Port Authority of its General Improvement Bonds, to be designated ??Series B ", in the amount of $29500,000, and the issuance and sale of one or more additional series of such bonds, when and as found necessary by the Authority, in an aggregate amount not to exceed $2,500,000, for the purpose r of providing fdnds to pay costs of the program described in the pveannble hereof, and the pledge of the full faith, credit and resources of the City for the payment of such bonds and interest thereon, said bonds to be issued in compliance with all applicable requirements of such ordinance, and of Minnesota Statutes 1957, Chapters 458 and 475, as-amended, and all other applicable laws, and bearing interest at such rate or rates as the Council shall approve. BE IT FMTHER RESOLVED, That the Secretary of the Port Authority be and he is hereby directed to present a certified copy of this resolution to the Council of the City of Saint Paul, as 1 ' and for such application. f Adopted, January 230 1962, President of the Fort Authority of The City of Saint Paul Attest obert W. J on Secrcta y PORT AUTHORITY, OF ,THE CITY-,.OF SAINT ° PAUL - , ;. _ 60'. East Fourth Street:. Saint Paul `l., Minnesota._ h '...! t ►. - •t :::° _ ? "y -, Jintiary- 23; .. . t _ The'.Horiorahle `GQOxgi`J.'y voul:ib e Mayo!' acid _ Members' o£':the� City+ Couitei1:' _ � ' 5 it 3 of the 'City '.of Saint Paul, , _• _ s _ City jidll • and Court j(oua.e, '.. Saint Paul 2 Minne8ot4 Thero�:.ie trahsiiitted to` you, herewith, v, certified copy of , Resolutiono . ;155' adopted by , the Port Y • , .. Authority. at ;;their' Special` Meeting ,•held -January 23,j-1062 whiQh �eq a sts - that consideration be'. given = ° to the'`idoption,', by, the � City Council, of , an ' ordinance auihorii3ng, the :Port Authority to issue its General Im,p. rovemsnT .Ronda, Seriesi " 00, all in, accoi�danc� 'with, tfhe 'terms an - conditions',indieateii in said resolution. truly. yours,' #dr. W. johnborr' QRoo "• tr }( °• '1 -. `.r•reI__ 'J$ - -'7 t -'a=`:, ._'1', .3 ^ t _ • ' -• - . - . s - `. Y,e .' ' s a f4o .. !y a - `•Y -. `�' .i` `; - - .> ' � 'I 4'v:. _ �" } 't -: -•( .�.]r•A . it 4- �VT'.�4 - • - _ . ' J +r' '' r `S '- • /. ' ., ' • . *,y .�i ], ''r 'V�,-• - i . y• • ' _ F. r. �. -_'Y , f. . • r ,,? - - a i -•} a 41.._' .. .:: ,L j,` _ .' _ ,r _ , No, 159 PM AWWOUTY OF THE CITY OF SAIM PANT. r�2l RESOLUTION WMU—S, The Fort Authority of the City of Saint Paul has undertaken, under and pursuant to Kinnesota Statutes 1957, Chapter 458, as amended, a program of port and industrial deirel.opment comprising: (1) The acquisition of waterfront, riparian and other lands and the eonstMc'cion of docks, wharves, priers, dikes and other related part facilities, both in conjunction with the Federal government and separately, (2) The acquisition, development and redevelopment of lands for the purpose of establishing a system of harbor and river imravements and industrial develop - m. nLs within the part district, and within the in- dustrial development cUstrict heretofore created 'Therein for that purpose; (3) The provision of reereational lands and facilities along the river; and (4) Incidental to the foregoing, the constriction of a dike in conjwnetiun with the Federal govermuent; di-edging and filling,, grading and reclaiming marginal land for part and industrial. pwposes; .the development of pore and industrial areas; and the construction of stern and sanitary sewers, poicab7 a water distribution systems and streets in these areas; and W% M, The initial costs of this program have been and are being paid with fronds derived from-the sale of $265009000 Part Authority Ir9 &vvemint Bonds, Series A. dated as of Sept amber 10 1961, issued by the Poet Authority as authorized by Ordinance Hea 12913, adepted by the Council of the City of Saint Paul and approved by the Hay€ar FebruaU 3, 11961, and it Is estimted that the sm of 0205000000 will be needed tai .pay Costs of the program to be incuzzved in . the neat/ fnture9 and that the Eux then devei qp� mnt of the p&gram will require additional eammitumnts to be made ,. it in the currm t year, aggregating perhaps $2, 500.000; NMI* BE IT RE.QMVED,, That the Port Authority of The City of Saint Paul dues hereby make application' to the I�2/ 1 6 � Council of the City of Saint Paul for authorization by ordinance, Pursuant to Minnesota Statutes 19578 Section 458.193, as amended, of the issuance and sale by the Port Authority of its General Improvement Bonds, to be designated "Series B "s in the amount of $2,5009000, and the issuance and sale of one or more additional series of such bonds, when and as found necessary by the authority, in an aggregaree ammmt not to exceed $2,500,000,, for the purpose 'c of providing funds to pay costs of the program described in the prean-,ble hereof,, and the pledge of the full faith, credit and reseurees of the City for the payment of such bonds and interest thereon, said bonds to be issued in compliance with all applicable requirements of such ordinance, and of ti%nnesota Statutes 1957, Chapters R-58 and 475, as amended, and all ' other applicable laws, and bearing interest at sucli rata or rates as the Council shall app3mve. BE IT P TB .BCSOLVED, That the Secretary of the Port Authority be and he 3.s hereby direeted to present a certified copy Of this MRSOlution to the Cozancil of the City of Saint Paul,, as and for such application. Adoptedo dMua.ry 1962. esident of the Port Authority of Tier City of Saint Patel _ At•�es � - ' "abeat W. Yison Se�reta�► ' �• = is � / I 2n . i' Laid over to 3rd Adopted and app Yeas Nays Yeas Nays DeCourcy DeCourcy Holland Holland Loss Mortinson 1 Loss D Mortinson Peterson Peterson Rosen it"On , Mr. President Vavoulis Mr. President Vavoulis 206088 a i