Laserfiche WebLink
DOUGHERTY, DAWKINS, STRAND & EKSTROM <br />Minnesota Department of Commerce <br />Securities Division <br />500 Metro Square Building <br />St. Paul, Minnesota 55101 <br />Honorable Mayor and City Council <br />Ramsey City Hall <br />Ramsey, Minnesota <br />Re: Proposed $1,000,000 Tax - Exempt Mortgage Financing <br />Alan Phillips (Altron, Inc. Project) <br />Ramsey, Minnesota <br />RBR /bsh <br />September 30, 1980 <br />Gentlemen: <br />At the request of Alan Phillips,we have conducted an informal study as to the <br />economic feasibility of the proposal that the City of Ramsey issue its revenue <br />obligations under provisions of the Minnesota Municipal Industrial Development <br />Act to provide funds for construction of a new building and acquisition of new <br />equipment in the City of Ramsey. <br />Based on the financial statements of Alan Phillips and Altron, Inc., and based <br />upon the preliminary interest of First National Bank of Anoka in purchasing part <br />of the issue, our study has led us to conclude that on the basis of current fin- <br />ancial conditions, the project is economically feasible and the revenue obliga- <br />tions of the City can be successfully issued and sold. We propose to act as <br />agent for the City and Alan Phillips in arranging for the private placement of <br />the obligations with one or more financial institutions, subject to the approval <br />of the project by the City of Ramsey, and the Minnesota Department of Commerce <br />and subject to final agreement among the City, Alan Phillips and the ultimate <br />purchasers as to the terms and conditions of the issuance and sale of the <br />obligations. <br />Very truly yours, <br />DOUGHERTY, DAWKINS, STRAND & EKSTROM <br />Incorporated <br />By <br />,119 <br />Richard B. Riley <br />Vice President <br />INVESTMENT BANKERS <br />414 IDS CENTER ❑ MINNEAPOLIS, MINNESOTA 55402 ❑ 612/341-6000 <br />