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Granting preliminary approval to the issuance of certain general obligation and revenue bonds as approved in the 2014 budget, and authorizing City finance staff and advisors to take certain actions with respect to the sale of such bonds.
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WHEREAS, on December 11, 2013 the City Council (the "City Council") of the City of Saint Paul, Minnesota (the "City") approved the 2014 City Budget including the issuance of multiple series of general obligation and revenue bonds (collectively, the "Bonds") in 2014 as described below and on Exhibit A attached hereto and made a part hereof; and
WHEREAS, the general obligation capital improvement bonds identified on Exhibit A attached hereto in order to (i) refund on a current basis if sufficient debt service savings will be obtained the City's (a) General Obligation Capital Improvement Bonds, Series 2005A, and (b) General Obligation Capital Improvement Bonds, Series 2006A, (ii) fund various capital improvement projects identified in the City's approved Capital Improvement Budget for the years 2014 through 2018, and (iii) pay costs of issuance; and
WHEREAS, the sewer revenue bonds identified on Exhibit A attached hereto will be special, limited obligations of the City payable solely from the City's sewer enterprise fund and the sewer bonds will fund certain sewer improvement and rehabilitation projects as set forth in the 2014 City Budget; and
WHEREAS, the general obligation RSVP street improvement bonds identified on Exhibit A attached hereto in order to (i) refund on a current or an advance basis, as applicable, if sufficient debt service savings will be obtained the City's (a) General Obligation Street Improvement Special Assessment Bonds, Series 2004B, (b) General Obligation Street Improvement Special Assessment Bonds, Series 2005B, (c) General Obligation Street Improvement Special Assessment Bonds, Series 2006B, and (d) General Obligation Street Improvement Special Assessment Bonds, Series 2007D, (ii) fund certain street improvement and rehabilitation projects for 2014 as set forth in the 2014 City Budget; and (iii) pay costs of issuance; and
WHEREAS, the Library Agency proposes to issue general obligation library bonds (the "Library Bonds") the proceeds of which will be used to: (i) current refund the 2015 through 2024 maturities of the Library Agency's General Obligation Library Bonds, Series 2004 (the "Series 2004 Bonds"), in the original aggregate principal amount of $12,280,000 and outstanding in the principal amount of $9,180,000 as of March 1, 2014, (ii) finance a portion of the cost of the construction, renovation, equipping, and installation of capital improvements to the Library Agency's Highland Park Branch (the "Highland Park Library") and Sun Ray Library Branch (the "Sun Ray Library") that will upgrade both the Highland Park Library and Sun Ray Library to 21st century library standards (the "2014 Library Projects"); and (iii) pay costs of issuance of the Library Bonds; and
WHEREAS, the City's Taxable Tax Increment Financing Refunding Bonds (Midway Marketplace), Series 2005C (the "Series 2005C Bonds") are callable and the City may refund the Series 2005C Bonds if sufficient debt service savings are obtained; and
WHEREAS, City finance staff currently anticipates selling the Bonds in calendar year 2014.
BE IT RESOLVED by the Council of the City of Saint Paul, Minnesota, as follows:
1) The Director, Office of Financial Services, the Debt Manager, and other appropriate City officials and staff are hereby authorized and directed to proceed with preliminary actions for the issuance and sale of the Bonds identified on Exhibit A attached hereto and made a part hereof, in the approximate principal amounts set forth therein. Each series of the Bonds shall be issued and sold in conformance with the provisions of the City Charter and Minnesota law.
2) Springsted Incorporated is hereby named financial advisor to the City with respect to the issuance and sale of the Bonds.
3) Kennedy & Graven, Chartered is hereby named as bond counsel for the City with respect to the Bonds.
4) Springsted Incorporated and Kennedy & Graven, Chartered are hereby authorized to work with City staff to prepare the City's Official Statements or other offering documents and materials for the issuance and sale of the Bonds and such other documents, instruments and certificates as may be necessary for further approval of this City Council for the completion of the sale of the Bonds.
5) The City intends to make expenditures for the capital projects financed by the Bonds and reimburse such expenditures from the proceeds of the Bonds. This resolution is intended to constitute a declaration of the City's official intent, for purposes of Section 1.150-2 of the Treasury Regulations, with respect to certain original expenditures made from any sources other than the proceeds of the Bonds, in conjunction with the capital projects financed thereby.