Title
Resolution Approving and Authorizing Execution of a Tax Increment Pledge Agreement in Connection with the City of Saint Paul's Taxable General Obligation Tax Increment Bonds, Series 2014D and Related Actions, District 13, Ward 1.
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WHEREAS, the City of Saint Paul, Minnesota (the "City") has heretofore issued and has outstanding Taxable General Obligation Tax Increment Revenue Refunding Bonds, Series 2005C (the "Prior Bonds");
WHEREAS, the Prior Bonds were issued in part to refund the City's Taxable General Obligation Tax Increment Bonds, Series 1995A (the "Series 1995A Bonds");
WHEREAS, the Series 1995A Bonds were used to finance the tax increment eligible costs relating to the Snelling-University Tax Increment Financing District (the "TIF District") in the City;
WHEREAS, on the date hereof, the City will consider a resolution approving the issuance and awarding the sale of its Taxable General Obligation Tax Increment Bonds, Series 2014D (the "Series 2014D Bonds") to: (i) current refund and prepay the outstanding Prior Bonds, (ii) fund or reimburse eligible costs for certain public redevelopment activities in the Saint Paul Neighborhood Redevelopment Project Area (the "Project Area") which includes the TIF District; and (iii) pay certain costs of issuance relating to the Series 2014D Bonds;
WHEREAS, the Series 2014D Bonds are payable solely from tax increments generated from the TIF District heretofore established by the Authority and the full faith and credit of the City;
WHEREAS, in order to secure the payment of the Series 2014D Bonds from tax increments derived from the TIF District and provide for the valid issuance of the Series 2014D Bonds under Minnesota law, it is necessary for the Authority to execute a Tax Increment Pledge Agreement, dated as of July 1, 2014 (the "Pledge Agreement"), between the Authority and the City pledging to pay the City the tax increments derived from the TIF District in order to pay debt service on the S...
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