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Concurring in a resolution of the City Council providing for the issuance of two Taxable Grant Anticipation Notes in a combined original aggregate principal amount not to exceed $11,580,000.
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WHEREAS, Saint Paul Regional Water Services (the “Utility” or “SPRWS”) provides safe drinking water to the residents of the City of Saint Paul, Minnesota (the “City”) and the surrounding municipalities; and
WHEREAS, the Board of Water Commissioners of the City of Saint Paul (the “Board”) previously requested that the City of Saint Paul, Minnesota (the “City”) authorize the issuance of one or more grant anticipation notes by the City in a combined original aggregate amount not to exceed $11,580,000 to (i) provide funding for the planning, design, inspection, project implementation, and construction costs that are not funded by one or more grants from the State of Minnesota (the “State”) for the lead pipe replacement program (the “LSLR Project”) in the City which will be implemented in phases, and (ii) costs of issuance; and
WHEREAS, the City Council intends to adopt a resolution (the “LSLR Authorizing Resolution”) authorizing the issuance of (i) a Taxable Grant Anticipation Note, Series 2025A (the “2025 LSLR GAN”) in the original aggregate amount of up to $11,400,000 and (ii) a Taxable Grant Anticipation Note, Series 2025B (the “2025B LSLR GAN” and, together, the “2025 LSLR GAN”) in the original aggregate principal amount of up to $180,000 (in a total aggregate principal amount not to exceed $11,580,000) and the sale of the 2025 LSLR GAN to the Minnesota Public Facilities Authority (the “PFA”) in order to fund the costs described above in these recitals; and
WHEREAS, the PFA will provide a grant to the City and SPRWS (the “2025 LSLR Grant”) at the time of issuance of the 2025 LSLR GAN that will be sufficient to repay the full amount of the 2025 LSLR GAN if SPRWS and the City comply with the requirements of the 2025 LSLR Grant; and
WHEREAS, on March 8, 2023, the...
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