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Consenting to the issuance of Conduit Revenue Bonds by the Port Authority for the benefit of District Energy Saint Paul, Inc. and approving a public hearing.
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WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.1655, as amended (the “Act”), the Port Authority of the City of Saint Paul (the “Port Authority”), is authorized to issue revenue bonds to finance or refinance, in whole or in part, the costs of the acquisition, construction, improvement, or extension of revenue producing enterprises, whether or not operated for profit; and
WHEREAS, District Energy Saint Paul, Inc., a Minnesota nonprofit corporation (“District Energy”), has proposed that the Port Authority issue its conduit revenue bonds designated as the following: (i) District Energy Revenue Bonds, Series 2024-1 (501(c)(3) Non-AMT) (the “Series 2024-1 Bonds”); and (ii) District Energy Revenue Bonds, Series 2024-2 (Taxable) (the “Taxable Series 2024-2 Bonds” and, collectively with the Series 2024-1 Bonds, the “Series 2024 District Energy Bonds”); and
WHEREAS, proceeds of the Series 2024 District Energy Bonds will be used by District Energy in order to (i) finance certain capital improvements, extensions, and enhancements to the local hot water district heating system and the local chilled water district cooling system (the “System”) of the Corporation; (ii) finance certain capital improvements to the Corporation’s cooling plant located at 229 10th Street East, Saint Paul, Minnesota 55101 (the “Cooling Plant”) and the Corporation’s heating plant located at 76 West Kellogg Boulevard, Saint Paul, Minnesota 55102 (the “Heating Plant”); (iii) finance the construction, installation and equipping of a new cooling/heating plant to be located at 334 University Avenue, Saint Paul, Minnesota 55130 (the “University Avenue Plant”); (iv) the acquisition of an existing cooling distribution system on the grounds of the Minnesota State Capitol Complex...
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