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Granting preliminary approval to the issuance of Taxable Revenue Refunding Bonds (State of Minnesota Grant Appropriation), Series 2014 by the City of Saint Paul, Minnesota.
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WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "Authority"), has previously issued its Sales Tax Revenue Refunding Bonds (Civic Center Project), Series 1996 (the "Series 1996 Bonds") in the original aggregate principal amount of $55,865,000; and
WHEREAS, the proceeds of the Series 1996 Bonds were used by the Authority to refund its Sales Tax Revenue Bonds (Civic Center Project), Series 1993 (the "Series 1993 Bonds") which were issued to pay the capital expenses of the construction, equipping and acquisition costs for the expansion and remodeling of the Civic Center a multi-purpose public facility owned by the City and operated by the Civic Center Authority (the "Facility"); and
WHEREAS, the Series 1996 Bonds are callable on an November 1, 2015 for redemption by the City at a price of par plus accrued interest plus premium and City staff has advised the City Council to advance refund the outstanding Series 1996 Bonds through the issuance of Taxable Revenue Refunding Bonds (State of Minnesota Grant Appropriation), Series 2014 (the "Series 2014 Bonds") in one or more series of taxable bonds; and
WHEREAS, the Series 2014 Bonds will not constitute a general obligation within the meaning of any constitutional or statutory limitation of the City but will be solely payable from, and are secured by the City's pledge of payments ("Grant Revenues") from the State of Minnesota (the "State") to the City to be made under Minnesota Statutes 16A.726, as amended, and pursuant to a Grant Agreement Annual Appropriation Grant for the City of Saint Paul Sports Facilities Project, dated December 19, 2013 (the "Grant Agreement"), between the City and the State through its Management and Budget Division.
NOW, THEREFORE BE IT RESOLVED by the Counci...
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