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<br />~ <br /> <br />LAW OFFICES OF <br /> <br />PETERSON. BELL. CONVERSE 8: JENSEN <br /> <br />2100 AMERICAN NATIONAL BANK BUILDING <br />101 EAST FIFTH STREET <br /> <br />ST. PAUL. MINNESOTA 55101 <br />(612) 224.4703 <br /> <br />ERWIN A. PETERSON <br />ROBERT C. BELL <br />WILLARD L. CONVERSE <br />ROGER A. JENSEN <br />KURT F. WALTHER <br />W. TIMOTHY MALCHOW <br />MARTIN J. COSTELLO <br />JAMES C. ERICKSON <br />WILLIAM M. DRINANE <br />CAROL A. BALDWIN <br />ADAM E. BRIDGE <br /> <br />January 25, 1988 <br /> <br />City Council <br />City of Roseville <br />2660 Civic Center Drive <br />Roseville, Minnesota 55113 <br /> <br />Re: Liability of Directors of <br />Roseville Local Development Corporation <br />Our File No. 1011-19 <br /> <br />Dear Members of the Council: <br /> <br />A nonprofit corporation has been organized under the name of <br />Roseville Local Development Corporation. The City Council will <br />serve as the Board of Directors. The question has been asked: <br /> <br />. <br /> <br />"What liabiltiy may the Council Members be exposed to?" <br /> <br />The operation initially will be to receive certain funds from the <br />federal ~overnment.These funds will be used to supplement <br />individual purchases of housing units in Villa Park. The <br />Council, as the Board of Directors, will establish rules, <br />procedures, and probably retain some financial organizations to <br />administer the program. <br /> <br />In our opinion liability will be remote. <br /> <br />There are several statutes and ordinances protecting such <br />directors: See Minn. Stat. 317.201. A copy attached. <br /> <br />Also the City Code of the City of Roseville, Section 280.010, <br />requires indemnification of certain Board members. In our <br />opinion this section would apply. <br /> <br />. \. RCB/ eld <br />Encl. <br /> <br /> <br />s..,~@ <br />