Title
Pertaining to the issuance of Water Revenue Bonds, Series 2022, to finance Phase I and year one of Phase II of the McCarron’s Treatment Plant Improvement Project (2020-2022 Projects).
Body
Resolution Requesting the City of Saint Paul, Minnesota to Issue and Sell Water Revenue Bonds in an Aggregate Principal Amount Not to Exceed $100,000,000 for Various Drinking Water Improvement Projects; Expressing the Intent of the Board of Water Commissioners to Reimburse Itself from the Proceeds of Such Tax-Exempt Bonds; and Authorizing Board of Water Commissioners Staff to Take Certain Actions with Respect to the Sale of Such Tax-Exempt Bonds
WHEREAS, Saint Paul Regional Water Services (the “Utility”) provides safe drinking water to the residents of the City of Saint Paul, Minnesota (the “City”) and the surrounding municipalities; and
WHEREAS, the Board of Water Commissioners of the City of Saint Paul, the governing body of the Utility (the “Board”), has identified certain water improvement and rehabilitation projects as set forth in the Water Capital Improvement Plan for the years 2020 through 2024 generally described as McCarron’s Treatment Plant Improvements-Phase I, including the design, pilot testing and site preparation and the first year of Phase II including the purchase of water treatment equipment, demolition of existing structures and beginning the construction of the new treatment facilities (the “2020-2022 Projects”) that will require the incurrence of a tax-exempt bonds or other debt obligation for funding of such 2020-2022 Projects; and
WHEREAS, it is proposed that the City Council of the City (the “Council”) adopt a resolution or resolutions at a later date authorizing the issuance of one or more series of revenue bonds (the “Series 2022 Bonds”), in an aggregate amount estimated not to exceed $100,000,000 of which approximately $45,000,000 is anticipated to be sold in a direct placement to the Minnesota Public Facilities Authority (the “PFA”) whi...
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