Title
Authorizing the issuance and direct placement of Subordinate Sales Tax Revenue Refunding Bonds, Series 2016A, and Taxable Subordinate Sales Tax Revenue Refunding Bonds, Series 2016B; delegating to a Pricing Committee the authority to set the terms thereof; and approving an Indenture of Trust, Continuing Covenant Agreement, and related documents.
Body
WHEREAS, Laws of Minnesota 1993, Chapter 375, Article 9, Section 46 (the “1993 Special Law”), authorized the City of Saint Paul (the “City”) to impose by resolution of this Council an additional sales tax of up to one-half of one percent (0.5%) on sales transactions taxable pursuant to Minnesota Statutes, Chapter 297A, as amended, that occur within the City (the “Sales Tax”); and
WHEREAS, under the provisions of the 1993 Special Law, this Council adopted: (i) a resolution approving the 1993 Special Law and declaring its intent to exercise the authority granted to the City under the 1993 Special Law; and (ii) resolutions imposing the Sales Tax; and
WHEREAS, the 1993 Special Law has been amended by: (i) Laws of Minnesota 1997, Chapter 231, Article 7, Section 40; (ii) Laws of Minnesota 1998, Chapter 389, Article 8, Sections 30-32; (iii) Laws of Minnesota 2003, First Special Session, Chapter 21, Article 8, Section 13; (iv) Laws of Minnesota 2005, First Special Session, Chapter 3, Article 5, Sections 26 and 27; (v) Laws of Minnesota 2009, Chapter 88, Article 4, Sections 15 and 16; and (vi) Laws of Minnesota 2013, Chapter 143, Article 8, Sections 44 and 45 (hereinafter referred to collectively as the “Sales Tax Act”); and
WHEREAS, under the provisions of the Sales Tax Act, the City is authorized to use the net proceeds derived from imposition of the Sales Tax (“Sales Tax Proceeds”) to pay for certain specified projects (or to secure or pay any principal, premium, or interest on bonds issued to pay for such specified projects) and among the authorized projects are included: (i) all or a portion of the capi...
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