Title
Awarding the sale of Taxable General Obligation Tax Increment Bonds, Series 2014D; delegating to a Pricing Committee the authority to set the terms thereof within parameters set forth in this Resolution; fixing the form of the Series 2014D Bonds and directing their execution and delivery; and providing for the payment of and levying a tax for the Series 2014D Bonds.
Body
WHEREAS, the City Council of the City of Saint Paul, Minnesota (the "City") has heretofore determined that it is necessary and expedient to provide money to: (i) current refund and prepay the Taxable General Obligation Tax Increment Revenue Refunding Bonds, Series 2005C (the "Series 2005C Bonds") issued by the City in the original aggregate principal amount of $5,130,000 and currently outstanding in the principal amount of $1,540,000; (ii) fund or reimburse eligible costs for certain public redevelopment activities in the Saint Paul Neighborhood Redevelopment Project Area (the "Project Area") which includes the Snelling-University Tax Increment Financing District (the "TIF District"); and (iii) pay certain costs of issuance relating to the Series 2014D Bonds; and
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul (the "Authority") will pledge to the City the tax increments (the "Tax Increments") derived solely from the TIF District to the City for the payment of the principal of and interest due on the Series 2014D Bonds; and
WHEREAS, the Authority established the TIF District, being a tax increment financing district established under Minnesota Statutes, Section 469.174 to 469.1799 as amended (the "Tax Increment Act"), pursuant to the Tax Increment Act and a resolution duly adopted by the Board of Commissioners of the Authority; and
WHEREAS, the reimbursement or payment of public redevelopment costs in the Project Area, including the TIF District, will be made in accordance with the Tax Increment Act and with Laws of Minnesota 2010, Chapte...
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