CC RES 04-046 RESOLUTION APPROVING POLICY FOR ISSUANCE OF REVENUE BONDS

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RESOLUTION NO. 04- 046 RESOLUTION APPROVING POLICY FOR ISSUANCE OF REVENUE BONDS WHEREAS,the City of St.Anthony is authorized to issue revenue bonds for various entities pursuant to Minnesota Statutes, Chapter 462C and Minnesota Statutes, Sections 469.152 to 469.165; and WHEREAS, a number of cities have developed policies for the issuance of such bonds, which, among other things, impose a fee based upon the principal amount of the revenue bonds issued payable upon the issuance of such revenue bonds; and WHEREAS,the City does not currently have a policy in place for the issuance of such revenue bonds and the City Council believes it is in the best interest of the City to adopt such a policy. NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of St. Anthony,that the following policy shall apply to the issuance by the City of revenue bonds pursuant to Minnesota Statutes, Chapter 462C or Section 469.152 to 469.165: 1. All expenses of the City related to the issuance of such revenue bonds must be paid by the applicant, whether or not the revenue bonds are issued. 2. The City shall be under no obligation to issue any such revenue bonds and reserves the right to decline to issue any such revenue bonds for any reason. 3. An issuance fee of I%of the original principal amount of the revenue bonds shall be paid to the City upon the issuance of the revenue bonds. 4. The issuance of such revenue bonds must not adversely affect the ability of the City to issue qualified tax-exempt obligations under Section 265(b)of the Internal Revenue Code of 1986, as amended, for City purposes. 5. The City reserves the right to select bond counsel and other consultants or advisors with respect to any revenue bonds,the fees and expenses hich s all be paid by the applicant, whether or not the bonds are issued. Adopted this 8th day of June, 2004 Mayor ATTEST: City Clerk • Reviewed for Administration: City Mana er