Agenda - Council - 10/28/1985 - Special

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Councilmember introduced the following resolution and moved for its adoption: RESC~ON AUT~ORIZ ING EXEG3TION OF JOINT POWERS ~GHF. F~ENT WHEREAS, the City of Ramsey, Minnesota (the "City"), proposes to issue private activity bonds within the meaning of Section 103 of the federal Internal Revenue Code of 1954, as amended, but has no 1985 entitlement allocation pursuant to Minnesota Statutes, Section 474.18; and WHEREAS, the City of Silver Bay, Minnesota, has agreed to enter into a joint powers agreement by which the City will issue bonds pursuant to issuance authority allocated to said other city pursuant to Minnesota Statutes, Section 474.18, as an entitlement; and WHEREAS, there is on file with the City Administrator and before this Council of the City on the date on which this resolution is adopted a form of joint powers agreement (the "Industrial Development Bond Allocation Agreement") which transgers $350,000 of Silver Bay's 1985 entitlement allocation to the City. ~W, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOVA GOUNTY, STATE OF MINNESOTA, as follows: 1. The Mayor and City Administrator are hereby authorized to execute the Industrial Development Bond Allocation Agreement in the form submitted, with such changes and modifications thereto as may be necessary and appropriate and approved by said officers. 2. The Industrial Development Bond Allocation Agreement shall transfer the entitlement of said other city to the City in the amount, to the extent, and under the terms and conditions set forth therein. ~--~e motion for the adoption of the foregoing resolution was duly seconded by Councilmember and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted by the Rawsey City Council this the day of , 1985.