HomeMy WebLinkAboutgr00090_000031_pg012Clerk Zylla announced that the engineer for the Rice Creek Water -Shed
District had informed him that they have reviewed the DeGardner Plat
and have no objections to its approval.
Mayor Neisen read a letter from John Kozlak of the Metropolitan Council
inviting the Village Council to a meeting in Roseville February 21, to
discuss the Metropolitan Transportation Plan.
Bernard Friel and Roger Wikner, Bond Approving Attorney and Municipal
Bond Underwriter respectively, appeared on behalf of Century Motor Freight
requesting further Council approval of the sale of $1,500,000. worth of
Industrial Revenue Bonds to finance the Century Motor Freight terminal.
Attorney Meyers informed the Council that he had two resolutions this evening
regarding this matter.
MSP (Neisen- Pickar) To suspend the reading of the resolutions and approving
Attorney Meyer's verbal review of the resolutions.
Attorney Meyers stated that the first resolution authorized the acquisition,
installation, and leasing of the Century Motor Freight Project under the
Municipal Industrial Development Act and approves the issuance of the bonds.
Attorney Meyers stated that generally this resolution provides for the sale
of $1,500,000. worth of Industrial Revenue Bonds, that the project has been
authorized by the State Industrial Development Act, that the bonds are to
be paid only from revenue generated by the project, that the Village is
not pledging its full faith and credit, that the lessee and indenture
have been approved, and that the resolution is directed to be executed on
behalf of the Village in the name of the Mayor and the Clerk upon
execution by the M. F. J. Corporation.
The second resolution provides that the Village elects to have the provisions
of the Internal Revenue Service Code, Section 103(c) (6d) apply to the
issuance of these Industrial Revenue Bonds.
Mr. Friel stated that he was a dis- interested third party in the proceeding
and that he had reviewed the documents and has found that there is good
title, that the State has approved the project, and that the bonds are tax
exempt.
Attorney Meyers stated that he has been unable to get Century Motor Freight and
the Bonellos listed individually on the lease due to their unsettled proposed
acquisition of Mercury Motor Freight. The Bonellos claim that if they were
named personally on the lease they would have to go back to the Inter -State
Commerce Commission and obtain another approval for their acquisition since
to name them on the lease individually would materially affect their assets.