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Consenting to the issuance of conduit revenue bonds by the Port Authority of the City for the benefit of District Energy Saint Paul, Inc. and approving a public hearing.
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WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.1655, as amended (the “Act”), the Port Authority of the City of Saint Paul (the “Port Authority”), is authorized to issue revenue bonds to finance or refinance, in whole or in part, the costs of the acquisition, construction, improvement, or extension of revenue producing enterprises, whether or not operated for profit; and
WHEREAS, District Energy Saint Paul, Inc., a Minnesota nonprofit corporation (“District Energy”), has proposed that the Port Authority issue its conduit revenue bonds designated as the following: (i) District Energy Revenue Bonds, Series 2023-3 (501(c)(3) Non-AMT) (the “Series 2023-3 Bonds”); and (ii) District Energy Revenue Bonds, Series 2023-4 (AMT) (the “Series 2023-4” and, collectively with the Series 2023-3 Bonds, the “Series 2023 District Energy Bonds”); and
WHEREAS, proceeds of the Series 2023 District Energy Bonds will be used by District Energy in order to (i) fund certain improvements and enhancements to the local hot water district heating system and its heating plant (the “Heating Plant”) and the local chilled water district cooling system and its cooling plants (the “Cooling Plants”); (ii) finance capitalized interest on the Series 2023 Bonds for a period of time; (iii) fund a deposit to a reserve account; and (iv) pay costs of issuance for the Series 2023 District Energy Bonds; and
WHEREAS, the Series 2023 District Energy Bonds are proposed to be issued under the terms of the Bond Indenture of Trust, to be dated on or after September 1, 2023 (the “Bond Indenture”), between the Port Authority and U.S. Bank Trust Company, National Association, as bond trustee (the “Bond Trustee”); and
WHEREAS, the loan of the proceeds of the Series 2023 Dis...
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