Title
Pertaining to the issuance of Water Revenue Note, Series 2022.
Body
RESOLUTION CONCURRING IN AN ADOPTED RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAINT PAUL PROVIDING FOR THE ISSUANCE OF A WATER REVENUE NOTE IN AN ORIGINAL AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $46,000,000
WHEREAS, the Board of Water Commissioners of the City of Saint Paul (the “Board”) previously requested that the City of Saint Paul, Minnesota (the “City”) authorize the issuance of one or more Water Revenue Note by the City in an original aggregate amount not to exceed $46,000,000 (the “2022 Note”), for the purposes of funding the McCarron’s Treatment Plant Improvements Phase II including the (i) construction of new softening and settling facilities, new chemical handling facilities, new recarbonation facilities, new ozone facilities, and a new laboratory and operations space, and (ii) demolition of obsolete infrastructure (the “2022 Projects”), as improvements to the City’s municipal water utility (the “Water Utility”) operated by the Board; and
WHEREAS, on September 8, 2020, the Board adopted RES 20-1254 requesting that the City issue upon to $71,000,000 to fund improvements for the benefit of Saint Paul Regional Water Services (the “Utility”) of which the 2022 Note is a portion of the capital plan and the Board also subsequently adopted RES 22-74 on January 11, 2022 requesting the issuance of up to $100,000,000 as part of the same capital plan; and
WHEREAS on January 15, 2020, the City Council of the City adopted RES 20-62, expressing its intent to reimburse the City up to $10,000,000 from the proceeds of tax-exempt bonds consistent with the request of the Board made to the City pursuant to RES 20-1254; and
WHEREAS, on February 2, 2022, the City Council of the City adopted RES 22-56 expressing its intent to reimburse the City from the proceeds of the 2022 Note consistent with the request of the Board made to the City pursuant to RES 22-74 on January 11, 2022; and
WHEREAS...
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