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I <br />I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I. <br /> <br />,I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />City of Ramsey <br /> <br />15153NOWTHEN BOULEVARDN.W.,RAMSEY, MINNESOTA 55303 · (612) 427-1410 <br /> <br />WILLIAM K, GOODRICH, CITY A'FTORNEY <br /> <br />TO: <br /> <br />FROM: <br /> <br />RE: <br /> <br />DATE: <br /> <br />Ramsey City Council <br /> <br />City Attorney William Goodrich <br /> <br />$1,100,O00 Prestressed Concrete Industrial Development <br />Revenue Bonds <br /> <br />June 6, 1983 <br /> <br />I have reviewed the preliminary resolution and final resolution <br />relating to the above IRB issue. In addition, I have reviewed the <br />various closing documents which the City will be requested to <br />execute based on the above referred to resolutions. <br /> <br />Based on my document reviews I am of the opinion that the proper <br />statutory procedures have been followed as relates to Ramsey's <br />function in such IRB issues. <br /> <br />By approving of this IRB issue, the City does not encumber any of <br />its assets, nor obligate its present or future taxing authority. <br />Should there be a default on the bond payments, the City will not <br />be called.upon to cure the default. A default would be a matter <br />entirely between the borrower and lender. <br /> <br />The reason for the City's involvement in such issues is to obtain <br />for the lender federally tax exempt interest, which benefit is pre- <br />sumably passed onto the borrower (Prestressed). The borrower can <br />then more economically obtain financing and construct the project. <br />The City's benefit comes about by the project being constructed in <br />the City which gives a broader tax base and which will create new <br />jobs. <br /> <br />WKG:pjc <br /> <br /> <br />