Agenda - Council - 05/24/1984 - Laserfiche WebLink

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Mr. Lloyd Schnelle City Administrator 15153 Nowthen Bldg. N.W. Ramsey, Minnesota 55303 Dear Mr. Schnelle: FAEO R E & BEN $ O N ~'300 MULTIFOODS TOWER 33 801.JT~ SIXTH ~INN EAPOLI~, MINNESOTA May 14, 1984 Our firm has acted as Bond Counsel in connection with one or more issues of industrial development revenue bonds by your City. In that connection, we call your attention to 1984 Minnesota Laws, Chapter 582, enacted into law on April 26, 1984, which, among other things, provides for an allocation of Minnesota's annual maximum limit of so-called "private purpose" bonds among various issuers in the state, if such a limit is imposed by federal law. Chapter 582 provides that a large portion of Minne- sota's authority would be allocated to "entitlement issuers," which have each issued an average of $1,000,000 or more of IDBs in three of the calendar years 1980 through 1983. Section 15, Subdivision 2 of Chapter 582 provides that, to obtain an allocation as an "entitlement issuer," a local government unit must submit to the Department of Energy and Economic Development before May 26, 1984, a certification of the volume of bonds that would be subject to the limits contained in the currently pending federal legislation, which the government unit issued in each of the calendar years 1980 through 1983, and the annual average of the highest three of these years. Those issuers that do not make a certification at this time will lose priority as "entitlement issuers." I I I For your convenience, we have enclosed a form for making the required certification. The obligations which should be reported include virtually all industrial development bonds issued during each calendar year. Do NOT include: Bonds issued for housing projects;