Title
Awarding the sale of General Obligation Library Bonds, Series 2014C, in order to finance certain capital improvements to the Highland Park Library and the Sun Ray Library and current refund the Library Agency's outstanding General Obligation Library Bonds, Series 2004; fixing the form and specifications of the Series 2014C Bonds; directing the execution and delivery of the Series 2014C Bonds; and requesting the City of Saint Paul to levy a tax for the Series 2014C Bonds.
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WHEREAS, the Board of Commissioners (the “Library Board”) of the Saint Paul Pubic Library Agency (the “Library Agency”) has heretofore determined that it is necessary and expedient to secure funds in order to finance: (i) the current refunding of the 2015 through 2024 maturities of the Library Agency’s outstanding General Obligation Library Bonds, Series 2004 (the “Series 2004 Bonds”); (ii) 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 (collectively, the “2014 Library Projects”); and (iii) finance costs of issuance of the Series 2014C Bonds; and
WHEREAS, the Library Agency is proposing to issue its General Obligation Library Bonds, Series 2014C (the “Series 2014C Bonds”), secured by the full faith and credit and taxing powers of the City of Saint Paul, Minnesota (the “City”); and
WHEREAS, the City previously adopted Ordinance No. 14-8 (the “Ordinance”) permitting the City to pledge the full faith and credit of the City to the payment of the Series 2014C Bonds as authorized by Laws of Minnesota 2002, Chapter 390, Sections 36 through 38, as amended (the “Library Agency Act”), and Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act” and together with the Library Agency Act, t...
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