HomeMy WebLinkAbout2.c. Ordinance Authorizing Port Authority Bond IssueCITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: October 27, 1992
AGENDA ITEM: Adopt Ordinance Authorizing Port
AGENDA SECTION:
Authority Bond Issue and Pledge of Faith
New Business
PREPARED BY:
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AGENDA NO -ITEM
Jeff May, Finance Director
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ATTACHMENTS: Draft Ordinance
AP Ys
This ordinance is brought forth to Council at the advices f
Briggs and Morgan, our legal consultants on bond matters. To
ensure that all matters are handled properly for the Port
Authority bond issue, Council must adopt an ordinance actually
authorizing the issuance of the Port Authority bonds and pledging
the full faith and credit of the City to the payment of these
bonds. This is necessary for the bonds to be issued as General
Obligation bonds.
The resolution that the Port Authority will be adopting to accept
bids and award the sale of their bond issue Tuesday evening,
prior to the Council meeting, will be contingent upon the
Council's adoption of this ordinance.
RECOMMENDED ACTION:
Motion to adopt AN ORDINANCE AUTHORIZING THE ISSUANCE OF $3,425,000
GENERAL OBLIGATION MUNICIPAL BUILDING BONDS, SERIES 1992E BY THE
ROSEMOUNT PORT AUTHORITY AND PLEDGING THE FULL FAITH AND CREDIT TO THE
PAYMENT THEREOF.
COUNCIL ACTION: