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Providing for the issuance of and accepting a proposal on the sale of General Obligation Street Reconstruction Bond, Series 2022C; and levying a tax for the payment of the Series 2022C Bond.
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WHEREAS, the Director, Office of Financial Services, has presented to the City Council (the “Council”) a proposal received for the sale of General Obligation Street Reconstruction Bond, Series 2022C (the “Series 2022C Bond”), of the City of Saint Paul, Minnesota (the “City”) in a direct loan placement with Truist Bank, a North Carolina banking corporation (“Truist”); and
WHEREAS, on September 12, 2022, the City’s Office of Financial Services transmitted to various financial institutions a Request for Proposals (the “RFP”) for the issuance of general obligation street reconstruction bonds in order to (i) currently refund the City’s outstanding General Obligation Variable Rate Street Reconstruction Bond, Series 2020F (the “Series 2020F Bond”), (ii) finance or reimburse the City for the preliminary costs of various street reconstruction projects (the “2022 Street Projects”) authorized in the City’s 2022-2026 Street Reconstruction Plan (the “Street Reconstruction Plan” or the “SRP”), and (iii) pay costs of issuance of the Series 2022C Bond; and
WHEREAS, on November 19, 2020, the City previously issued its Series 2020F Bond in the original aggregate principal amount of up to $20,000,000 in order to (i) provide financing for various street improvement and rehabilitation projects in the City (the “2020 Street Projects”), and (ii) pay certain costs of issuance relating to the Series 2020F Bond; and
WHEREAS, in late summer 2022, the City previously redeemed and prepaid $10,000,000 of the Series 2020F Bond with available funds of the City; and
WHEREAS, the Series 2020F Bond are callable for redemption by the City on the first business day of any month and the City currently intends to redeem the outstanding Series 2020F Bond on or after November 1, 2022 (the “Series 202...
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