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Declaring the official intent of the City of Saint Paul to reimburse certain expenditures from the proceeds of a Water Revenue Note, Series 2014 to be issued by the City, and giving preliminary approval to the issuance by the City of its Water Revenue Note, Series 2014.
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WHEREAS, the Internal Revenue Service has issued Treas. Reg. § 1.150-2 (the "Reimbursement Regulations") providing that proceeds of tax-exempt bonds used to reimburse prior expenditures will not be deemed spent unless certain requirements are met; and
WHEREAS, the City of Saint Paul, Minnesota (the "City"), a duly organized and existing home rule charter city organized and existing under its charter and the Constitution and laws of the State of Minnesota, has received a request from the Board of Water Commissioners of the City of Saint Paul (the "Water Board") for the City to issue a Water Revenue Note, Series 2014 (the "Series 2014 Note"), in the original aggregate principal amount estimated not to exceed $2,200,000; and
WHEREAS, the request of the Water Board for the City to issue the Series 2014 Note was formally made pursuant to a resolution of the Water Board adopted on March 12, 2013; and
WHEREAS, the Water Board will fund the purchase and installation of a sludge filter press and appurtenanceswith proceeds of the sale of the Series 2014 Note (the "2014 Project"); and
WHEREAS, the City expects to incur certain expenditures for the 2014 Project that may be financed temporarily from sources other than proceeds of the Series 2014 Note and reimbursed from the proceeds of the Series 2014 Note; and
WHEREAS, the City has determined to make this declaration of official intent to reimburse certain costs from proceeds of the Series 2014 Note or other tax-exempt bonds or other obligations in accordance with the Reimbursement Regulations; and
WHEREAS, the Director, Office of Financial Services and City Debt Manager in consultation ...
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