HomeMy WebLinkAbout90-112 - ADMIN Resolution - City Council - 1990/08/20RESOLUTION NO. 90-112
RESOLUTION ESTABLISHING POLICY TO REQUIRE PARTIES
USING REVENUE BONDS TO USE EQUAL OPPORTUNITY AND AFFIRMATIVE
ACTION EMPLOYMENT PRACTICES AND TO MAKE FEE PAYMENTS TO THE CITY
FOR REHABILITATION AND REDEVELOPMENT
WHEREAS, from time to time the City of St. Louis Park (the "City") is called upon to
issue revenue bonds and to pass on the proceeds of those bonds to parties for their use; and
WHEREAS, the population of the City is becoming increasingly diverse, both racially
and culturally; and
WHEREAS, it is an objective of the City to insure that persons of all backgrounds
without respect to race, color, sex, creed, national origin or age, are not discriminated
against in employment practices, and that employers have and utilize affirmative action
employment practices; and
WHEREAS, the City of St. Louis Park is an equal opportunity employer; and
WHEREAS, the City of St. Louis Park is a maturing community whose physical
facilities, including but not limited to its residential, commercial and industrial buildings,
are increasingly in need of investment in rehabilitation and/or redevelopment in order to
eliminate blighting influences; and
WHEREAS, it is an objective of the City and in the best interest of parties for whom
revenue bonds are issued to insure that adequate resources are available to stimulate the
rehabilitation and/or redevelopment of physical facilities as needed; and
WHEREAS, parties for whom revenue bonds are issued enjoy significant financial
benefits as a result of the City selling such bonds; and
WHEREAS, it is a common practice of local issuers of revenue bonds to charge fees
for the issuance of such bonds;
NOW THEREFORE BE IT RESOLVED, that the City Council of the City of St. Louis
Park, with respect to the issuance of revenue bonds, as follows:
1. That parties benefited by the issuance of revenue bonds agree during the life of the
bonds, not to discriminate against any employee or applicant for employment because
of race, color, sex, creed, national origin, or age, or on any other basis prohibited by
Federal, State or local law and that parties agree during the life of the bonds to
provide equal employment opportunities without regard to race, color, sex, creed,
national origin, or age. Further, such parties shall have in place and utilize
affirmative action employment practices.
2. That fees in the following amounts paid to the City in connection with the issuance of
revenue bonds shall be required in addition to other amounts or indemnities which
may be required in connection with any issuance of revenue bonds:
a. Whether or not the Bonds are issued, an amount to reimburse the City for
direct costs and expenses incurred in connection with the issuance, purchase
and sale, payment, registration, transfer, exchange or redemption of the
bonds, including, but not limited to, the fees and expenses of City counsel,
bond counsel, financial consultants, engineers, architects, attorneys,
management consultants, accountants or other consultants as may from time
to time be retained by the City.
b. In addition to the foregoing, an annual fee of one-eighth of one percent per
annum of the principal amount of the bond issue outstanding, payable in
arrears semi-annually on_ such dates as determined by the City and calculated
on the principal amount of the bonds outstanding during the six months
preceding the date on which the payment is due.
3. That fees charged for the issuance of revenue bonds shall be used by the City for
rehabilitation and/or redevelopment.
4. That, prior to closing on the bonds, an agreement implementing this resolution
including a schedule showing anticipated principal payments and fee payments shall
be entered into between the City as the local issuer, and the party for whom the
bonds are being issued.
Reviewed for administration:
Gy; ( -/)(0.,
City Manager
1079:GEN14
Adopted by the City Council August 20, 1990
Approved as to form and execution:
Q.e L Pa.0. '&
City Attorney