Title
Awarding the sale of General Obligation Capital Notes, Series 2012D, in order to finance certain capital improvements; fixing the form and specifications of the Series 2012D Notes; directing the execution and delivery of the Series 2012D Notes; and providing for the payment of and levying a tax for the Series 2012D Notes.
Body
WHEREAS, the City of Saint Paul, Minnesota, a home rule charter city and a political subdivision of the State of Minnesota (the "City"), is authorized by Minnesota Statutes, Sections 410.32 and 412.301, as amended (the "Capital Notes Act"), and the provisions of Minnesota Statutes, Chapter 475, as amended (the "Municipal Debt Act" and together with the Capital Notes Act, the "Act"), to issue general obligation capital notes or certificates of indebtedness in order to finance the purchase of capital equipment and computer software; and
WHEREAS, any capital notes issued by the City pursuant to the Act shall be payable in not more than ten years and may be issued on such terms as the City Council of the City determines; and
WHEREAS, the amount of any single issue of capital notes issued by the City to finance the purchase of capital equipment shall not exceed .25 percent (.25%) of the market value of taxable property in the City or the City will be required to hold a public hearing on the issuance of such capital notes; and
WHEREAS, the City Council gave its preliminary approval to the issuance of the Series 2012D Notes by adopting RES No. 12-1973 on November 7, 2012 to finance a portion of the cost of the City Operations Modernization and Enterprise Transformation ("COMET") project which will modernize the City's procurement, finance, budget, payroll and human resources software systems and related hardware (the "COMET Project"); and
WHEREAS, Springsted Incorporated, as financial advisor to the City, solicited proposals for the purchase of the Series 2012D Notes pursuant to a Preliminary Official Statement, dated November 2...
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