1970-4351rRESOLUTION No. 4351 4
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RESOLUTION RELATING TO FINANCING OF METROPOLITAN
SPORTS CENTER
WHEREAS, the City Council of the City of Richfield is the governing body
of the City of Richfield; and
WHEREAS, the City of Richfield, jointly with Minneapolis and Bloomington
have title to the Sports area in Bloomington; and
WHEREAS, each of the above-named cities is a party to that certain
"Ownership and Operations" agreement, dated August 13, 1954, as amended, to
promote the public health and welfare of the inhabitants of the Metropolitan Area
in which the cities are situated, by providing additional facilities and means of
recreation; and
WHEREAS, a request for a financing plan is submitted to the City in accord
with a ruling of the Internal Revenue Service; and
WHEREAS, the City desires to approve the form of financing as submitted,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
RICHFIELD THAT:
(a) the plan of providing permanent financing to replace the existing tem-
porary financing and completing the Metropolitan Sports Center which is set forth
in the request for ruling dated March 21, 1969, with regard to exemption from
income taxation of interest on bonds to be issued by Minnesota Sports Center
Association, a Minnesota nonprofit corporation, is satisfactory;
(b) said request for ruling and. exhibits thereto contain nothing objection-
able to the City; and
(c) the execution of the documents which appear as exhibits to the request
for ruling will be beneficial to the City, and will further the fulfillment of the _
purpose of the Metropolitan Sports Area Commission in entering into the Hockey
Flaying and Sports Center Use Agreement dated October 3, 1966, and the exist-
ing Supplement thereto, and of the responsibilities delegated to the Commission
by the cities of Minneapolis, Bloomington and Richfield in the Ownersi~3,p and
Operations Agreement dated August 13, 1954, as amended, to promote the public
health and welfare of the inhabitants of the Metropolitan Area in which the cities
are situated, by providing additional facilities and means for recreational activi-
tie s .
1970.
Passed by the city council of the City of Richfield this 13th day of April,
Attest:
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Thomas J. oran Clerk
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Stanley W. Olson Mayor