HomeMy WebLinkAbout16-062 Revenue Bond Policy
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 16-062
A RESOLUTION ESTABLISHING A CITY OF PRIOR LAKE
PRIVATE ACTIVITY REVENUE BOND POLICY
Motion By: Thompson Second By: Keeney
WHEREAS, The City of Prior Lake has the authority to issue revenue bonds pursuant to Minnesota Statutes,
Sections 469.152 to 469.165 (the Industrial Development Act) and Minnesota Statutes, Chapter
462C (the Housing Act); and
WHEREAS, City staff has prepared a Private Activity Revenue Bond Policy which details the City of Prior
Lake’s authority to issue revenue bonds; the general guidelines and requirements the City will
use to evaluate requests for private activity bond financing; the types of projects which are
eligible for private activity bond financing; application and administration fees, post-issuance
compliance responsibilities; and the application process; and
WHEREAS, The City of Prior Lake Economic Development Authority has reviewed and recommended the
City Council approve the City of Prior Lake Private Activity Revenue Bond Policy during its April
18, 2016 meeting; and
WHEREAS, The Prior Lake City Council reviewed the establishment of the City of Prior Lake Private Activity
Revenue Bond Policy on May 9, 2019.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The City of Prior Lake Private Activity Revenue Bond Policy is hereby adopted.
3. The City Council authorizes the official 2016 Fee Schedule to be amended in order to incorporate new
fees established in the Private Activity Revenue Bond Policy.
PASSED AND ADOPTED THIS 9th DAY OF MAY, 2016.
VOTE Hedberg Keeney McGuire Morton Thompson
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
______________________________
Frank Boyles, City Manager