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Providing for the issuance of and accepting a proposal on the sale of a General Obligation Variable Rate Street Improvement Special Assessment Bond, Series 2016C to finance the 2016 Saint Paul Street Vitality Program; fixing the form and specifications of the Series 2016C Bonds; providing for the issuance of the Series 2016C Bonds; and levying a tax for the payment of the Series 2016C Bonds.
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WHEREAS, the Director, Office of Financial Services, has presented to the Council a proposal received for the sale of General Obligation Street Improvement Special Assessment Bonds, Series 2016C (the “Series 2016C Bonds”), of the City of Saint Paul, Minnesota (the “City”) in a direct loan placement with BMO Harris Bank N.A. (the “Purchaser”); and
WHEREAS, the City Council gave its preliminary approval to the issuance of the Series 2016C Bonds by adopting RES 16-231 on February 10, 2016; and
WHEREAS, the City will issue the Series 2016C Bonds pursuant to the Charter of the City (the “City Charter”) and Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act” or the “Act”); and
WHEREAS, the Purchaser and the City are now in the process of negotiating the provisions of a Continuing Covenant Agreement, to be dated on or after July 1, 2016 (as amended, supplemented, modified or restated from time to time, the “CCA”), between the City and the Purchaser, which will set forth the terms and conditions of a loan provided by the Purchaser to the City; and
WHEREAS, the proceeds derived from the sale of the Series 2016C Bonds will be used by the City to (i) fund certain street improvement and rehabilitation projects for 2016 as set forth in the 2016 City Budget (the “2016 Street Projects”); and (ii) pay costs of issuance relating to the issuance of the Series 2016C Bonds; and
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Saint Paul, Minnesota, as follows:
1. Form of Series 2016C Bonds. All of the provisions of the...
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