Title
Pertaining to the Issuance and Sale of Water Revenue Bonds for McCarrons and the LSLR Projects.
Body
Resolution Requesting the City of Saint Paul, Minnesota to Issue and Sell Water Revenue Bonds in an Aggregate Principal Amount Not to Exceed $7,500,000 for the WTP Modernization Project and up to $55,000,000 for Various Lead Pipe Replacement Projects; Expressing the Intent of the Board of Water Commissioners to Reimburse Itself from the Proceeds of Such Tax-Exempt Bonds; and Authorizing Board of Water Commissioners Staff to Take Certain Actions with Respect to the Sale of Such Tax-Exempt Bonds
WHEREAS, Saint Paul Regional Water Services (the “Utility”) provides safe drinking water to the residents of the City of Saint Paul, Minnesota (the “City”) and the surrounding municipalities; and
WHEREAS, the Board of Water Commissioners of the City of Saint Paul, the governing body of the Utility (the “Board”), has identified certain water improvement and rehabilitation projects as set forth in the Water Capital Improvement Plan for the years 2020 through 2026 generally described as McCarron’s Treatment Plant Improvements, including but not limited to financing the construction and equipping of new softening and settling facilities, new chemical handling facilities, new recarbonation facilities, new ozone facilities, and a new laboratory and operations space (the “WTP Modernization Project”) that will require the incurrence of a tax-exempt bonds or other debt obligation for funding of such WTP Modernization Project; and
WHEREAS, the Utility and the City are also working on a lead pipe replacement program that will require the incurrence of a tax-exempt note, a taxable note or other debt obligation for funding of a portion of such lead pipe replacement projects (the “Lead Pipe Replacement Projects”), including the planning, design, inspection, project implementation, and construction costs; and
WHEREAS, it is proposed that the Council adopt resolutions at a la...
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