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182110 ()rights'to City Clerk 189 CITY OF ST. PAUL COUNCIL N 1, OFFICE OF THE CITY CLERK C UNCIL RESOLUTION—GENERAL FORM PRESENTED BY COMMISSIONER 7c/C- DATE i RESOLVED, by the Council of the City of Saint Paul, that it endorses and approves House File No. 1516, Compan .on Senate File No. 1178, a bill which has been introduced in the current session of the Minnesota State Legislature, and which is entitled: "A BILL FOR AN ACT RELATING TO AERONAUTICS AND PUBLIC CORPORATIONS CREATED IN CONNECTION THEREWITH, AMENDING MINNESOTA STATUTES 1953, SECTION 360.117, SUBDIVISION 1, SUBD. 2, AND SUBD. 4, SECTION 360.118, SECTION 360.119, AND SECTION 360.121. " Council File No. 182110—BY Joseph E. Dillon— Resolved, By the Council of the City of Saint Paul, that it endorses an approves House File No. 1516 Coxn anion SenateFile No.1178,a bill whi has peen introduced in the current ses sion of the Minnesota'State Legislature' and which is entitled: A BILL FOR AN ACT RELATING T AERONAUTICS AND PUBLIC COR PORATIONS CREATED IN CON NECTION THEREWITH,AAIENDIN MINNESOTA TIO 1 STATUTES 1953,SUB 2,'AND SUBD. 4, SECTION 360.11 SECTION 360.119, AND SEC T I O, 360.121." Adopted by the Council March 1957. Approved (Aprill 6, 195 M4R 2 91957 COUNCILMEN Adopted by the Council J 195_ Yeas Nays MNR 2 9 1957 DeCourcy Holland Approved N.195_ Q n efRety_\ Favor /1 MelititrAM Air[ . .greet soa- Mayor Rosen Against Mr. President, Dillon 5M 2-57 oogpo 2 118 1 10 RESOLVED, by the Council of the City of Saint Paul, that it endorses and approves House File No. 1516, Companion Senate File No. 1178, a bill which has been introduced in the current session of the Minnesota State Legislature, and which is entitled: "A BILL FOR AN ACT RELATING TO AERONAUTICS AND PUBLIC CORPORATIONS CREATED IN CONNECTION THEREWITH, AMENDING MINNESOTA STATUTES 1953, SECTION 360.1174 SUBDIVISION 1, SUBD, 2, AND SUBD. 4, SECTION 360.116, SECTION 360.119, AND 'vCTION 360.121." MAR 2 9 1951 - 1,%1 'y • Prepared by Phillips Legislctive Service 113 University Ave,,St, Paul, Phone Ca 2.265 Introduced by Faidt, Westin/ Fraso S. F.S. F. N . 1178 March 7, 1957 Ref, to Cont. '<on Aviation. � Co�►pcnion H. F. /5/k Ref. to H. Con, wil?) BILL ; FOR AN ACT RELITING''TO AERONAUTICS _ AND PUBLIC CORPORATIONS CREATED IN CONNECTION `p ' THL RTMWITTI, AMENDING MI Sc/T.1 ST,1TtPTLS 1953, SECTION 360.117, SUBDIVISION 1, SUED. 2 AND SUED. 4, SECTION 360.118, SECTION 360.119, AND SECTION 360.121, BE IT ENACTED BY • THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1e Minnesota Statutes 1953 Section 360.117, Subdivision 1 is amended to read: Subdivision 1. In anticipation of the receipt by the corporation of I`P ptorrt s by cities herein provided for, appropriations, rents, and profits, and of income from any other source, and for tho purpose of securing menu of the cost of property ae :funda as needed for the pay.- quired, airports constructed and purchasod, and other purposes heroin authorized, the corporation is horoby authorizod to issue its bonds in an e sto g principal amount not exceeding $30 1• forest at a rate not to exceed five r 000 tx�rtr�ng in- terest any per cent per annum, payable semi-annually. Not- withstanding ny provision to the eontrary included within the charter of either city or any general or special law of the statoof Minnesota they may be issued and sold without a vote upon said question by electors either city. Section 2. Minnesota Statuses 1953, Section 360.117, Subd. 2, is amended to read: Subd, 2. Such bonds shall be of such date, denominations, place of pa �ment form, and details as may be determined by such corporation, not inconsistent ywith 9the provie,ians of Laws 1943, Chapter 500 or acts 'a andato. ro fig. They shall'm:.turo serially, tho first instalment to fall duo in loduor sunotomore than e throe years and the last in not moro than 30 years from their date, not no an than uring instalment shall exceed by five tunes the amount of the smalls taannuaal rn<tur.- ing instalment; provided, that the amount of such instalments of principal may bo such that the incroaso thereof from year to year shall approxinatoly equal tho decrease from year to year in the intorast of the bonds mnt remaining unpaid, . °mod m�roe^cre ao_riaht of ;t rodoi o d n nt at a date at dattog fixed thor0n accru.©d interest or at such 1• ; �+, ., ��,�,t nor nnd a anon s ,ot, ., — . ,. co orat ton arse to the i le„r,,,. ° cam ahall bo d©tormi_ned b-r thc� 0 of the' head Section 3. Minnesota Statutes 1953, Section 360.117 Subd reads a 4, is amended to Subd. 4. The bonds shall be secured by pledge of the full, faith, credit, and resources of the cities d tfop which the co has boon croatad, The cor., Porati.on is hereby rporation specific consent thoroto by each city shallh�full clu ly pro tried from theca of most of commissioners by the council thereof. 13'be paide from from the appoint.. ...hereinafter provided, • `TheY shall � prod from tax levies as ,' znd' from earnings of the corporation, or may bo.soourod ,by nort- gago or deed of trust on any of the property owned by the corporation. As to bonds• negotiated .;rid• sold plus ► © ride t of the original $15,000,000 authorization, however, the Procoods derived therefrom shall be used by tho corpora- tion only for the acquisition of lands, if acquisition of additional lands be ;nocos.- sary, and thoproducina al lands,. either'to be acquired or already acouirna n•� such revenue •__ S,' F. No. 1178 Page 2 Section 4. Minnesota Statutes 1953, Section 360.U8� is amended to road: Section 360.118, Bonds legally issued pursuant to Laws- 1943 Chapter 500 oar a t. a t o eta t may be purchased by the state board of investment for the purricnont•school fund, permanent university fund, swamp land fund, internal improvement land funds, or any other trust fund of the state of A!inne- seta, or for any other fund administered by such board, and shall be doomed authorized securities within th© provision3 of section 50.14, and shall bo.proper for the invest- mont of capitals surplus, or deposits of any savings bank or trust cocpenyo and for the investment of funds of any insurance company, and for the inv�estmont of any sink- ing funds hold by any public or municipal corporations and may be pledged by any bank or trust company as socurity for the deposit of public moneys therein in lieu of surety bonds. Such bonds shall�bo deemed and treated as instrurxintalitios of a public gov ernmcnt agency, and as such shall bo exempt from taxation. • • Section . Minnesota Statutes 1953, Section 360.1190s amended to roads Section 360.119. The. corporation shall never bo subject to an indebtedness in excess of ¢30 Q0Q #4, 000,000p, nor shall it incur any .indebtedness except as authorized herein. Section 6. Minnesota lSt tutee 1953, Section 360.121, is amended to reads Section 360.121. Bonds issued pursuant to the provisions of Laws 1943 Chapter 500 or 'clots ru = , :a • : s• a • •_" ;1 to _ o .• by either city shall be sec- ured by the full faith. credits and resources of the c ty issuing theme shall be paid from tax levies made in conformity with sections 475.26 and 475.29, d shall be sold in the manner prescribed by section 475.15, No provision of any existing law or spe- cial or home rule charter under which either city may be acting shall be damned or construed to impatrI curtails or limit in amount, forms or manner. the power to issue any bonds pursuant to Laws 19!3, Chapter 500 o acts amenda c the,roof lo_ m©ntal't a and the bonds issued by either city or by the corporation pursuant to Laws 1943, Chapter 500 0 a.issue. tl . '. i.,•1• _ z�s , ti: • shall not be includod in computing the net indebtedness of such municipality under any ap- plicable law or charter. s.** • • • •• • d"k t '. ray�. 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