84-6963R
~ ~ Resolution No. 69.63
Authorizing the transfer of a portion of the City's IDB
Entitlement Allocation to the City of New Brighton.
WHEREAS., the Tax Reform Act of 1984 generally limits the volume of
industrial development bonds which may be issued within a state during any
calendar year to $150 per capita (the "State Ceiling"); and
WHEREAS, Laws of Minnesota 1.984, Chapter 582 (the"Allocation Act")
provides for an allocation of the State Ceiling among. various issuers of industrial
development bonds; and
WHEREAS, the City of Richfield (the ''City") has qualified as an entitlement
issuer and has received an entitlement allocation (the "Entitlement Allocation")
pursuant to the Allocation Act for the issuance of industrial development bonds
during calendar year 1984; and
WHEREAS, Section 15, Subdivision 4 of the Allocation Act allows an
entitlement issuer to contract with another local issuer of industrial development
bonds to transfer a portion of the entitlement issuer's entitlement allocation to the
other local issuer; and
WHEREAS, the City has received a request from the City of New Brighton
that the City transfer One Million. Seven Hundred Thousand Dollars ($1,700,000) of
its Entitlement Allocation for calendar year 1984 to the .City of New Brighton; and
WHEREAS, the .City desires to transfer a portion of its Entitlement
Allocation for calendar year 1984 to the City of-New Brighton.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Richfield:
1. That the City hereby authorizes the transfer of One Million Seven
Hundred Thousand Dollars ($1,700,000) to the City's Entitlement Allocation for
calendar year 1984 to the City of New Brighton.
2. .That the Mayor and the City Manager are authorized and directed to_,
execute the Industrial Development Bond Allocation Agreement (the "Agreement")
in the form now on file with the City Clerk with such necessary and appropriate
omissions, modifications, insertions and additions as are not materially inconsistent
with the form of the .Agreement on file with the City Clerk as the Mayor in his
discretion shall determine. The execution of the Agreement by the Mayor shalt be
conclusive evidence of such determination.
3. That the officers and other agents or employees of the City are
hereby authorized to do all acts and things required of them by or in connection
with this resolution and the Agreement for the full, punctual and complete
performance of all the terms, covenants and agreements contained in -the Agreement
and this resolution.
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4. That this resolution shall be in full force and effect from and
after its date of passage.
Passed and Approved this22nd day of Octolser ~ ~ 19.84,
(SEAL)
Attest:
K.Bergh `~"Ci
/Jbhn HamJil'ton Mayor