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I <br />'1 <br /> I <br /> I <br />I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> i <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />~ prooe.~ fr~ i~uin9 r~sn~ bor~ and fr~ t~lx~ary l~ns ~n be <br />~ed to make ~ purdmse losr~ to finan~ f~cilities in the l~rt <br />authority '. s district. <br /> <br />· Citiea may at the antlx~ity'.e requeet, levy tp to .75 mi]/ annually <br />(be~ levy limits) ~r use by the authority. <br /> <br />'lhe city may levy an additional ad valorem tax cf ~ to 7/60th ~ill cr~ the <br />dollar ~cz the l~rt at~ty'.n use .in ir~stfi~ de~lolment districts. <br /> <br />*Cities may issue bcz~ls ar~ 9ive the proceeds to the p~rt authority, and <br />may transfer property to it. <br /> <br />*(kmnties may at~rc~riate general fund mof~y to Ix~rt authorities. <br /> <br />Perhat~ one of the best knc~ is the Saint I~1 Port Auth~ity, with over $548 <br />~iliion in 19~4 ~s~ets. 5e ml~z ~p~oints the seven member board of <br />directors, subject to app~ by the city ocmr~il. Saint Paltl'.s P~rt <br />Autlx~ity cla4m~ to be the fifth ~_~r~est financial instituticm in Minnesota. <br /> <br />~he I~gislature granted s~fi¢ t~wers ar~ duties to the Saint Paul Port <br />Auth~ri~. It may provide ~nture c~pital to small businesses, l~m~t~cl to <br /> <br />port authority'.s particil~tion is limited to 25 percent of the total ~enture <br />c~pital provided for the business. It -~-o has the authority to finanoe <br />parking facilities for the Saint Paul Civic Oenter. <br /> <br />Ail revem~ bonds authorized by the Saint Paul Port Authority must ~e app~ <br />by the city cz~u~cil. ~e l~t Autlx~rity has a resexve fur~ which ser~es as <br />security frcm defaults on tl~ ir~ividual projects for which it issues reve~e <br />bo~ds. ~h~ reserve fund ccmsists of m~ey frc~ ~ sales, leases, and <br />interest m its inves~m-nts. <br /> <br />A 1980 law gave port a~tho~ity lx~ers to the Mimieapolis ~ity Devekioeent <br /> <br /> <br />