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RESOLUTION NO. 9247
RESOLUTION APPROVING PROCEDURES FOR
PRIVATE ACITIVTY REVENUE BOND FINANCING
WHEREAS, the City of Richfield is authorized under various provIsIons of
Minnesota Statutes to issue bonds the proceeds of which are loaned to private entities,
referred to as "private activity bonds;" and
WHEREAS, the Council has adopted certain "Guidelines for the Issuance of
Industrial Revenue Bonds for the City of Richfield, Minnesota," originally approved In
October, 1980 and modified in November 1983; and
WHEREAS, the Council has determined to revise it's guidelines for the issuance of
private activity bonds (which term includes industrial revenue bonds), and to that end has
reviewed a document titled "Procedure for Application to the City of Richfield, Minnesota
for Private Activity Revenue Bond Financing," referred to as the "Private Activity Bond
Procedures."
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
as follows:
1. The Council approves the Private Activity Procedures in the form on file in City
Hall.
2. The Private Activity Procedures supersede in all respects the prior Guidelines
for the Issuance of Industrial Revenue Bonds, and are effective for any private
activity bonds issued after the date of approval of this resolution.
Adopted by the City Council of the City of Richfield, Minnesota this 12th day of
November, 2002.
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