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<br />REQUEST FOR COUNCIL ACTION <br /> <br />DATE: 7-23-90 <br />ITEM NO.: ~,LO <br /> <br />Department Approval: <br /> <br /> <br />Manager Reviewed: <br /> <br />~ <br /> <br />Agenda section: <br /> <br />Hearing <br /> <br />Resolution relating to a project on behalf of <br />the Long Term Care Foundation under the <br />Minneapolis Industrial Development Act <br />approving a joint powers agreement relating to <br />the issuance of bonds by the City and <br />authorizing the execution of documents. <br /> <br />As previously discussed, under the Long Term Care Foundation, <br />requests for a revenue bond issue to purchase the Beverly <br />corporation facilities, that in order to expedite the bond issue, <br />Minneapolis, would serve as the issue of the bonds. The total <br />issue is $42.9 million and the Roseville share is $8,125,000. In <br />order to permit Minneapolis to issue the bonds on behalf of all of <br />the participating cities, a joint powers agreement is required. (A <br />copy of said agreement is attached). <br /> <br />COUNCIL ACTION REQUESTED: Motion to approve/deny Resolution <br />relating to a project on behalf of the <br />Long Term Care Foundation under the <br />Minneapolis Industrial Development Act <br />approving a joint powers agreement <br />relating to the issuance of bonds by the <br />City and authorizing the execution of <br />documents. <br />