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Approving and authorizing the execution of a Pledge Agreement and taking other actions in connection with the issuance by the Housing and Redevelopment Authority of Parking Enterprise Revenue Refunding Bonds, Series 2025A and Taxable Parking Enterprise Revenue Refunding Bonds, Series 2025B.
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WHEREAS, on this date the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) adopted its General Revenue Bond Resolution (the “General Bond Resolution”) as amended and supplemented by a First Supplemental Bond Resolution (the “Supplemental Bond Resolution” and, together with the General Bond Resolution, the “HRA Resolutions”) authorizing the issuance of revenue Bonds of the HRA to finance or refinance certain public parking facilities; and
WHEREAS, the HRA proposes to issue its (i) Parking Enterprise Revenue Refunding Bonds, Series 2025A (the “Series 2025A Bonds”), and (ii) Taxable Parking Enterprise Revenue Refunding Bonds, Series 2025B (the “Series 2025B Bonds” and, together with the Series 2025A Bonds, the “Series 2025 Bonds”), pursuant to the General Bond Resolution and the Supplemental Bond Resolution to provide funds to refund certain outstanding bonds of the HRA previously issued to finance or refinance certain public parking facilities (collectively, the “Prior Bonds”); and
WHEREAS, under the terms of a proposed Pledge Agreement (the “Pledge Agreement”) between the City of Saint Paul (the “City”) and the HRA, the City will pledge and direct payment of the first $3,000,000 of parking meter revenues and parking fine revenues to the HRA for the benefit of the owners of the Series 2025 Bonds and other future revenue bonds hereafter issued pursuant to the HRA Resolutions; and
WHEREAS, certain information regarding the City and the HRA, including information regarding historical meter and fine revenues, will be set forth in an official statement and in the future made available to the public pursuant to a Continuing Disclosure Undertaking; and
WHEREAS, the forms of the Pledge Agreement and Continuing Disclosure Undertaking are now on file with the City for approval and the HRA has requested that the City Council approve and authorize the execution of the same substantially in the forms now on file; and
WHEREAS, in order to obtain an investment-grade rating on the Series 2025 Bonds, it will be necessary for the City to direct that the first $3,000,000 of parking fine revenues and parking meter revenues be paid directly to the HRA and be pledged to the payment of the Series 2025 Bonds, as set forth and more fully described in the Pledge Agreement.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Saint Paul, Minnesota, as follows:
1. The City Council hereby approves and authorizes the Mayor and the Interim Director, Office of Financial Services, and Director, Department of Planning and Economic Development (collectively, the “City Officials”), to execute the Pledge Agreement and Continuing Disclosure Undertaking relating to the Series 2025 Bonds in substantially the forms now on file with the City. The City Officials are also hereby authorized to execute any other documents, agreements and certificates that are determined to be necessary or appropriate in connection with the issuance by the HRA of the Series 2025 Bonds.
The Mayor and City Clerk and other officers of the City are authorized and directed to prepare and furnish certified copies of all proceedings and records of the City relating to the transaction described above, and such other affidavits and certificates as may be required to show the facts relating to the legality of the Pledge Agreement and Continuing Disclosure Undertaking as such facts appear from the books and records in such officers’ custody and control or as otherwise known to them; and all such certified copies, certificates and affidavits, including any heretofore furnished, shall constitute representations of the City as to the truth of all statements contained therein.
2. The approval hereby given to the Pledge Agreement and Continuing Disclosure Undertaking includes approval of such additional details therein and such modifications thereof, deletions therefrom and additions thereto as may be deemed necessary and appropriate and as may be approved by the City’s staff, the City Attorney and bond counsel with respect to the Series 2025 Bonds prior to their execution; said staff, City Attorney and bond counsel are hereby authorized to approve said changes on behalf of the City. The execution of any instrument by the appropriate officer or officers of the City herein authorized shall be conclusive evidence of the approval of such documents in accordance with the terms hereof. In the absence of the Mayor, Interim Director, Office of Financial Services, and Director, Department of Planning and Economic Development, any of the documents authorized to be executed by this resolution may be executed by any other appropriate officers. The Interim Director, Office of Financial Services and the City Treasurer are granted the authority to approve, execute and deliver future amendments to the Pledge Agreement and the Continuing Disclosure Agreement. The execution of any instrument by the Interim Director, Office of Financial Services, and City Treasurer shall be conclusive evidence of the approval of such instruments in accordance with the terms hereof.
3. The City hereby consents to the issuance of the Series 2025 Bonds by the HRA in an aggregate principal amount not to exceed $19,000,000 and maturing on December 1 in the years and amounts, bearing interest at the rates until paid or discharged, and having such other terms as determined by the Director, Department of Planning and Economic Development of the HRA (or designee), the Interim Director, Office of Financial Services (or designee), and City Treasurer (or designee), acting as a pricing committee with respect to the Series 2025 Bonds, after consultation with the City’s municipal advisor, PFM Financial Advisors LLC.