Title
Providing for the issuance of and accepting a proposal on the sale of General Obligation Street Improvement Special Assessment Refunding Bonds, Series 2018B; fixing the form and specifications of the Series 2018B Bonds; providing for the issuance of the Series 2018B Bonds; and levying a tax for the payment of the Series 2018B Bonds.
Body
WHEREAS, the Director, Office of Financial Services, has presented to the Council proposals received for the sale of General Obligation Street Improvement Special Assessment Refunding Bonds, Series 2018B (the “Series 2018B Bonds”), of the City of Saint Paul, Minnesota (the “City”); and
WHEREAS, the proposals set forth on EXHIBIT C attached hereto were received pursuant to the Terms of Proposal at the offices of Springsted Incorporated, Municipal Advisor to the City, on the date hereof; and
WHEREAS, the Director, Office of Financial Services, has advised this Council that the proposal of the Purchaser (as defined herein) was found to be the most advantageous and has recommended that said proposal be accepted; and
WHEREAS, the City Council gave its preliminary approval to the issuance of the Series 2018B Bonds by adopting RES 18-342 on February 28, 2018; and
WHEREAS, the City will issue the Series 2018B Bonds pursuant to the Charter of the City (the “City Charter”) and Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act” or “Act”); and
WHEREAS, on July 8, 2015, the City previously issued its General Obligation Variable Rate Street Improvement Special Assessment Bonds, Series 2015C (the “Series 2015C Bonds”) in the original aggregate principal amount of $22,825,000 in order to fund (i) certain street improvement projects within the City (the “2015 Street Projects”) as identified in City Resolution 15-1154 (the “Series 2015C Bond Resolution”) adopted on June 24, 2015; (ii) current refund the City’s Taxable General Obligation Street Improvement Special Assessment Bonds, Series 2010C (Build America Bonds...
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