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Approving Minnesota Laws 2023, Chapter 64, Article 12, Section 15 regarding the CIB Special Law.
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WHEREAS, the 2023 Minnesota Legislature passed and the Governor signed Minnesota Laws 2023, (the "CIB Special Law"), a copy which is attached hereto and marked as Attachment "A", which, among other things: (1) extends the authority for which the City of Saint Paul (the “City”) may issue capital improvement budget bonds from 2023 to 2035 and (2) raises the principal amount of such bonds that may be issued in each year from $20,000,000 to $30,000,000l; and
WHEREAS, the CIB Special Law requires local approval in accordance with Minnesota Statutes, Section 645.021; and
WHEREAS, the City Council has determined that is in the best interest of the City of Saint Paul, Minnesota (the “City”) and its residents to approve the CIB Special Law;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota (the “Council”) as follows:
1. The CIB Special Law is hereby approved; and
2. That City staff are hereby instructed to submit the appropriate certificate and a copy of this Resolution to the Secretary of State of the State of Minnesota.