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A resolution authorizing the issuance of General Obligation Library Refunding Bonds, Series 2021D; fixing the form and specifications of the Series 2021D Bonds; directing the execution and delivery of the Series 2021D Bonds; and requesting the City of Saint Paul to levy a tax for the payment of the Series 2021D Bonds
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WHEREAS, the Saint Paul Public Library Agency (the “Library Agency”) has been granted the responsibility for all libraries and library operations within the City of Saint Paul (the “City”) pursuant to a special law enacted by the Minnesota Legislature in 2002 (Laws of Minnesota 2002, Chapter 390, Section 36-38 (the “Library Act”)); and
WHEREAS, may issue general obligation bonds payable from the full faith and credit and taxing power of the City as authorized by the Library Act and Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act” and together with the Library Act, the “Act”); and
WHEREAS, the Board of Commissioners (the “Library Board”) of the Library Agency is the City Council of the City acting as the Library Board; and
WHEREAS, the Library Board of the Library Agency has heretofore determined that it is necessary and expedient to issue its General Obligation Library Refunding Bonds, Series 2021D (the “Series 2021D Bonds”), in order to secure funds to finance: (i) the current refunding of the Library Agency’s outstanding Taxable General Obligation Library Bonds (Recovery Zone Economic Development Bonds - Direct Pay), Series 2010H (the “Series 2010H Bonds”), originally issued in the aggregate principal amount of $3,700,000 and currently outstanding in the principal amount of $3,700,000; and (ii) the costs of issuance of the Series 2021D Bonds; and
WHEREAS, the proceeds of the Series 2010H Bonds originally financed the construction of the Payne Maryland Library adjacent to the Arlington Hills Community Center located near the corner of Maryland Avenue East and Payne Avenue in the City; and
WHEREAS, the Library ...
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