title
Supplementing the general resolution (RES 23-289) relating to Water Revenue Bonds of the City; accepting the offer of the Minnesota Public Facilities Authority to purchase a Water Revenue Note in an aggregate principal amount not to exceed $29,000,000; providing for the issuance of a Water Revenue Note, Series 2024-1; and authorizing execution of a Project Loan Agreement with the Minnesota Public Facilities Authority.
body
WHEREAS, Saint Paul Regional Water Services (“SPRWS”) on behalf of the City Council (the “Council”) of the City of Saint Paul, Minnesota (the “City”), has heretofore applied for a loan from the Minnesota Public Facilities Authority (the “PFA”) to provide financing pursuant to the City’s home rule charter and Minnesota Statutes, Chapter 475 (the “Municipal Debt Act”), through the issuance of one or more water revenue notes by the City in an original aggregate amount not to exceed $29,000,000, to provide financing for (i) certain identified water improvement and rehabilitation projects as set forth in the Water Capital Improvement Plan for the years 2020 through 2026 generally described as McCarron’s Treatment Plant Improvements, including but not limited to financing the construction and equipping of new softening and settling facilities, new chemical handling facilities, new recarbonation facilities, new ozone facilities, and a new laboratory and operations space (the “WTP Modernization Project”) as improvements to the City’s municipal water utility (the “Water Utility”) operated by SPRWS, and (ii) costs of issuance of the 2024 PFA Note; and
WHEREAS, SPRWS has, since its acquisition in 1885, been under the jurisdiction of the Board of Water Commissioners of the City of Saint Paul (the “Board”) and the Board and this Council previously deemed it necessary and expedient to undertake the WTP Modernization Project; and
WHEREAS, the PFA is authorized pursuant to Minnesota Statutes, Chapter 446A, as amended (the “PFA Act”), to issue its bo...
Click here for full text