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11-08-1989 Council Agenda
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11-08-1989 Council Agenda
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approval pursuant to an election. The bond proceeds <br />could be used for any purpose for which the City's <br />general fund moneys may be used except the payment of any <br />current expenses of the Authority or the project. <br />b. Tax Supported General Obligation Bonds Issued by <br />the Authority. An Authority could issue G.O. bonds which <br />pledge the full faith and credit of the City, but only if <br />approved by an ordinance adopted by the City Council. <br />While those bonds would also be subject to the election <br />requirement, the proceeds could be used for any purpose <br />for which the City's general fund moneys may be used, <br />including payment of current expenses, so long as <br />provision is made to reimburse the Authority for such <br />expenditures, plus interest at a rate equal to the <br />average interest rate on the bonds. <br />c. Revenue Bonds of the Authority. The Authority <br />could issue revenue bonds and use those funds for any <br />purpose for which the City's general fund moneys may be <br />used, without requirement for reimbursement. The <br />revenues of the projects financed (and other revenues of <br />the Authority) would be pledged to the repayment of the <br />bonds. The Authority may also secure payment of the <br />bonds by either a mortgage on certain Authority <br />properties or a pledge of the Authority's, but not the <br />City's, full faith and credit, or both. The Authority <br />could also issue revenue bonds under the Municipal <br />Industrial Development Act or housing revenue bonds under <br />Chapter 462C and use tax increments to pay for any <br />security guaranteeing payment of the bonds or to fund or <br />maintain a reserve therefor. See paragraph lc. above. <br />d. Tax Increment Bonds. Either a City or its <br />Authority could issue either G.O. bonds or tax increment <br />revenue bonds secured by a pledge of tax increments <br />without an election. Use of the proceeds of tax <br />increment bonds would be subject to the same limitations <br />as tax increment funds. (The Authority could also secure <br />payment of the bonds in the same fashion allowed for <br />revenue bonds discussed above.) <br />e. Using Credit of Sister Authority. Under the <br />Joint Powers Act, the Authority could enter into a joint <br />powers agreement with some other authority having <br />substantially common power (e.g., the St. Paul Port <br />Authority) under which the other authority could issue <br />bonds and thereby lend its credit to finance a project in <br />the City. <br />24 <br />Page 26 <br />
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