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Providing for the issuance of and accepting a proposal on the sale of a General Obligation Judgment Bond, Series 2026A; and levying a tax for the payment of the Series 2026A Bond.
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WHEREAS, the Interim Director, Office of Financial Services, has presented to the City Council (the “Council”) a proposal received for the sale of the City of Saint Paul, Minnesota (the “City”) of its General Obligation Judgment Bond, Series 2026A (the “Series 2026A Bond”) in a direct loan placement transaction; and
WHEREAS, the City’s Office of Financial Services requested proposals from several financial institutions in order to provide financing for the issuance of a general obligation bond in order to (i) pay an unpaid legal judgment against the City (the “Judgment”), and (ii) pay costs of issuance of the Series 2026A Bond; and
WHEREAS, in responses received, and, with the advice of the City’s municipal advisor Baker Tilly Municipal Advisors, LLC, the City’s Office of Financial Services is advising that the City Council select Old National Bank (the “Lender”) as the financial institution whose proposal was considered to be the most advantageous financing proposal for the Series 2026A Bond; and
WHEREAS, the City will issue the Series 2026A Bond pursuant to the Charter of the City (the “City Charter”) and Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act” or the “Act”), including Section 475.58 Subd. 1(1).
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Saint Paul, Minnesota, as follows:
1. Requirements of the Municipal Debt Act. The City has complied with the provisions of the Municipal Debt Act and the City Charter regarding the issuance of the Series 2026A Bond. The proceeds of the Series 2026A Bond are being used by the City to pay an unpaid legal judgment against the City as authorized by Section 475.58, Subd. 1(1) of the Municipal Debt Act.
2. Form of Series 2026A Bond. All of the provisions of the Series 2026A Bond, when e...
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