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Approving and authorizing the execution of a Pledge Agreement and other agreements in connection with the issuance of HRA Parking Enterprise Revenue Refunding Bonds, Series 2017A, and Taxable Parking Enterprise Revenue Refunding Bonds, Series 2017B.
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WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has adopted its General Revenue Bond Resolution (the “General Bond Resolution”) authorizing the issuance of Revenue Bonds of the HRA to finance or refinance certain public parking facilities; and
WHEREAS, the HRA proposes to issue its Parking Enterprise Revenue Refunding Bonds, Series 2017A (the “Series 2017A Bonds”) in a principal amount of approximately $26,165,000, and its Taxable Parking Enterprise Revenue Refunding Bonds, Series 2017B (the “Series 2017B Bonds” and, together with the Series 2017A Bonds, the “Series 2017 Bonds”) in a principal amount of approximately $2,635,000, pursuant to the General Bond Resolution and a First Supplemental Bond Resolution (the “Supplemental Bond Resolution”) to provide funds to refund certain outstanding bonds of the HRA previously issued to finance or refinance certain parking facilities (collectively, the “Prior Bonds”) ; and
WHEREAS, under the terms of a proposed Pledge Agreement (the “Pledge Agreement”) between the City of Saint Paul (the “City”) and the HRA, the City will pledge certain sums held in the Parking Meter Collection and Fines Fund to the HRA for the benefit of the holders of the Series 2017 Bonds and other Revenue Bonds hereafter issued pursuant to the General Bond Resolution; and
WHEREAS, certain information regarding the City and the HRA, including information regarding meter and fine revenues, will be made available to the public pursuant to a Continuing Disclosure Undertaking; and
WHEREAS, the forms of the Pledge Agreement and Continuing Disclosure Undertaking are now on file with the City for approval and the HRA has requested that the...
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