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<br />~ <br /> <br />.., <br /> <br />... <br /> <br />Resolution No. 85-32 <br /> <br />approving an IDB Allocation Agreement <br />with the City of Silver Bay <br /> <br />WHEREAS, the Tax Reform Act of 1984 generally limits the volume of <br />industrial development bonds which may be issued within a state during any <br />calendar year to $150 per capita (the "State Ceiling'ry; and <br /> <br />WHEREAS, Minnesota Statutes 1984, Sections 474.16 to 474.25 (the <br />"Allocation Act'') provide for an allocation of the State Ceiling among various <br />issuers of industrial development bonds; and <br /> <br />WHEREAS, the City of Silver Bay (the ''Silver Bay"> has qualified as an <br />entitlement issuer and has received an entitlement allocation of $26,424,075 <br />pursuant to the Allocation Act for the issuance of industrial development bonds <br />during calendar year 1985; and <br /> <br />WHEREAS, Section 474.18, Subdivision 4 of the Allocation Act allows an <br />entitlement issuer to contract with another local issuer of industrial development <br />bonds to transfer a portion of the entitlement issuers entitlement allocation to the <br />other local issuer; <br /> <br />WHEREAS, the City of New Brighton (the "City"} has requested transfer of <br />$4,000,000 of Silver Bay's Entitlement Allocation for calendar year 1985 to the <br />City, and <br /> <br />WHEREAS, Silver Bay has agreed to transfer $4,000,000 of its Entitlement <br />Allocation for calendar year 1985 to the City. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />New Brighton: <br /> <br />1. That the Mayor and the City Clerk are authorized and directed to <br />execute the Industrial Development Bond Allocation Agreement (the "Agreement'') <br />in the form now on file with the City Clerk with such necessary and appropriate <br />omission, modifications, insertions and additions as are not materially inconsistent <br />with the form of the Agreement on file with the City Clerk as the Mayor in his <br />discretion shall determine. The execution of the Agreement by the Mayor shall be <br />conclusive evidence of such determination. <br /> <br />2. That the officers and other agents or employees of the City are <br />hereby authorized to do all acts and things required of them by or in connection <br />with this resolution and the Agreement for the full, punctual and complete <br />performance of all the terms, covenants and agreements contained in the <br />Agreemen~ !iJtc!. !ttis resolution. <br /> <br />.-3.~- '.Il1l1t. this resolution shall be in full force and effect from and after <br />i ts ~~.. of passage._ <br /> <br />...........,..- - - <br />,-,. Passed. and AppiVved this <br /> <br />26th day of t1arch , 1985. <br /> <br />,~6~ <br /> <br />Mayor <br /> <br />(SEAL; _ " <br />Attest: ~~ <br />"ty Clerk <br />