Title
Pertaining to the issuance of the Series 2023 Bonds in order to fund a portion of the WTP Modernization Project.
Body
RESOLUTION CONCURRING WITH A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAINT PAUL PROVIDING FOR THE ISSUANCE OF WATER REVENUE BONDS IN AN ORIGINAL AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $140,000,000
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 series of water revenue bonds or notes, in an aggregate amount estimated not to exceed $140,000,000, which is a continuation of the $100,000,000 previously approved by the Board at its January 11, 2022 meeting, of which approximately $100,000,000 is anticipated to be competitively sold in March (the “Series 2023 Bonds”) and approximately $25,000,000 (the “2023 PFA Note”) is anticipated to be sold in a direct placement to the Minnesota Public Facilities Authority (the “PFA”) later in the second half of calendar year 2023 which will help provide funding in addition to the $15,400,000 previously issued in 2021 (the “2021 PFA Note”) and the $46,000,000 previously issued in 2022 (the “2022 PFA Note”) in order to finance a portion of the WTP Modernization Project (defined below); and
WHEREAS, the Series 2023 Bonds and the 2023 PFA Note will provide financing for 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”); and
WHEREAS, on December 13, 2022, the Board adopted RES 22-1925 requesting that the City issue the Series 2023 ...
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