Title
Resolution granting approval to the issuance of bonds, in one or more series, of the Saint Paul Public Library Agency that are payable from the general obligation of the City of Saint Paul, Minnesota
Body
WHEREAS, the Saint Paul Public Library Agency (the "Library Agency") proposes to issue its General Obligation Library Bonds, in one or more series, in an estimated original aggregate principal amount of $16,345,000 (the "Library Bonds"), as authorized by Laws of Minnesota for 2002, Chapter 390, Sections 36 through 38 (the "Library Bonds Act"), and Minnesota Statutes, Chapter 475, as amended (the "Municipal Debt Act" and together with the Library Bonds Act, the "Act"); and
WHEREAS, the Library Agency may issue bonds (such as the Library Bonds) backed by the full faith, credit and taxing power of the City of Saint Paul, Minnesota (the "City") upon compliance with the provisions of the Act; and
WHEREAS, on January 15, 2014, the City Council of the City (the "City Council") had the first reading of an ordinance of the City authorizing the issuance and sale of the Library Bonds and the pledge of the full faith and credit of the City to the payment of the Library Bonds; and
WHEREAS, the proceeds of the Library Bonds will be applied by the Library Agency in order 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) finance costs of issuance of the Library Bonds; and
NOW, THEREFORE BE IT RESOLVED by the Library Board of the Saint Paul Public Library Agency, Minnesota, as follows:
1. Approval of Issuance. The Library Agency hereby approves the issuance of the Library Bonds in the estimated original aggregate principal amount of $16,345,000.
2. Amount; Form; Interest. The interest rates, maturity dates, amortization schedule, and original principal amount of the Library Bonds shall be determined on the date of sale of the Library Bonds and approved by the governing body of the Library Agency on such date and the City Council either on such date or after the sale of the Library Bonds but prior to the issuance thereof
3. Revenues Available to Pay Debt Service. The Library Agency shall pay the principal amount of and interest due on the Library Bonds from (i) ad valorem property taxes levied by the City or (ii) Library Agency income from any source.
4. Sale Date of the Library Bonds. It is anticipated that the sale of the Library Bonds to the Underwriters will take place on or about April 2, 2014, or such other date as determined to be most advantageous by the Director, Office of Financial Services and the Debt Manager.
5. Tax Levy Resolution. On or after the date of sale of the Library Bonds, the City Council of the City shall consider a resolution levying property taxes in an amount sufficient to comply with the provisions of the Act in order to ensure that the Library Bonds are valid general obligations of the City payable from the full faith, credit and taxing power of the City.
6. Severability. If any section, paragraph, or provision of this Resolution shall be held to be invalid or unenforceable for any reason, the invalidity, or unenforceability of such section, paragraph, or provision shall not affect any of the remaining provisions of this Resolution.
7. Headings. Headings in this Resolution are included for convenience of reference only and are not a part hereof, and shall not limit or define the meaning of any provision hereof.