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'1 <br /> <br />BRIOGS AND MORGAN <br /> PJ~OIV~SS]ONAL ASSOCIATION <br /> <br />RRO0 FIBS3' NATIONAl. BANK BUILDINO <br /> <br /> BAIN~ P&UL~ MIN'NESOTA MIOI <br /> <br />LEVITT, PAL_tiER, BOWEN, ROTM. AN & SHARE <br /> <br />May 4, 1984 <br /> <br />~r. Lloyd Schnelle <br />City Administrator <br />15153 Nowthen Boulevard, N.W. <br />Ramsey, MN 55303 <br /> <br />RE: <br /> <br />State Law Allocating the Authority to Issue <br />Industrial Development Bonds <br /> <br />Dear Members of the City Council: <br /> <br /> As you may know, H.R. 4170, passed by the United <br />States House of Representatives, places a stringent per capita <br />limitation on the amount of industrial development bonds <br />("IDBs") which may be issued in each state. The Minnesota <br />legislature has adopted Laws of Minnesota 1984, Chapter 582, <br />which allocates any such limited bonding authority to the state <br />and its political subdivisions if a "federal limitation, act" <br />such as H.R. 4170 should be enacted. <br /> <br /> Enclosed is a sun, nary of Chapter 582 and the relevant <br />provisions of H.R. 4170. We recommend that you immediately <br />review the summary to determine whether action should be taken, <br />particularly if the City is planning to finance in 1984 any IDB <br />projects. <br /> <br />Jo~ N.PALUn <br />l~Jrs N. <br /> <br /> Under Chapter 582, a City may issue IDBs either as an <br />"entitlement issuer" or as a local issuer competing for a <br />limited pool of bonding authority. The deadline for qualifying <br />as an entitlement issuer is May 29th. The City, however, may <br />either not qualify as an entitlement issuer or conclude that it <br />is in its best interests to compete for the limited pool of <br />bonding authority. Such competition is tied to a specific <br />project, requires a deposit equal to 1% of the amount of <br /> <br />~A3NT PAU~ MINneSOTA ~O1 <br /> <br /> <br />