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Councilmember Cox introduced the following resolution and moved for its adoption: <br /> <br /> RESOLUTION ~85-Z17 <br /> RESOLUTION AUTHORIZING <br /> EXECUTION OF JOINT POWERS AGREEMENT <br /> <br /> I~['{EREAS, the City of Ramsey, Minnesota (the "City"), proposes to issue <br />private activity bonds within the meaning of Section 103 of the Federal Internal <br />Revenue Code of 1954, as amended, but has no 1985 entitlement allocation pursuant <br />to Minnesota Statutes, Section 474.18; and <br /> <br /> WHEREAS, the City of Silver Bay, Minnesota, has agreed to enter into a <br />joint powers agreement by which the City will issue bonds pursuant to issuance <br />authority allocated to said other city pursuant to Minnesota Statutes, Section 474.18, <br />as an entitlement; and <br /> <br /> WHEREAS, there is on file with the City Administrator and before this Council <br />of the City on the date on which this resolution is adopted, a form of joint powers <br />agreement (the "Industrial Development Bond Allocation Agreement") which transfers <br />$350,000 of Silver Bay's 1985 entitlement allocation to the City. <br /> <br /> WHEREAS, Gregory Johnson, David Brandt and Kenneth Pederson are to <br />be the ultimate recipients of the $350,000 for which the Industrial Revenue Bonds <br />are being issued, which funds will be used for the Food -n- Fuel project. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br /> 1) The Mayor and City Administrator are hereby authorized to execute the <br />Industrial Development Bond Allocation Agreement in the form submitted, with <br />such changes and modifications thereto as may be necessary and appropriate and <br />approved by said officers. <br /> <br /> 2) The Industrial Development Bond Allocation Agreement shall transfer <br />the entitlement of said other city to the City in the amount, to the extent, and under <br />the terms and conditions set forth therein. <br /> <br /> 3) That this resolution is adopted contingent upon the ultimate recipients <br />indemnifying, in writing, the City for those obligations the City accepts by executing <br />the Joint Powers Agreement referred to above between the City and the City of <br />Silver Bay. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by <br />Counci]member S°rtebearr~ upon vote being taken thereon, the following voted in <br />favor thereof: <br /> <br /> Mayor Heitman, Councilmembers Cox, Reimann, Schlueter and Sorteberg <br />and the following voted against the same: <br /> <br /> None <br />whereupon said resolution was declared duly passed and adopted by the Ramsey <br /> <br />ATTEST: Mayor f <br />Acting City Adm <br /> <br /> <br />