Title
Approving the sale of General Obligation Library Bonds, Series 2014C, to be issued by the Saint Paul Public Library Agency for the library projects, and levying a tax for the payment thereof.
Body
WHEREAS, the Saint Paul Public Library Agency (the “Library Agency”) may issue general obligation bonds payable from the full faith and credit and taxing power of the City as authorized by Laws of Minnesota for 2002, Chapter 390, Sections 36 through 38 (the “Library Agency Act”), and Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act” and together with the Library Agency Act, the “Act”); and
WHEREAS, the Board of Commissioners (the “Library Board”) of the Library Agency has heretofore determined that it is necessary and expedient to issue its General Obligation Library Bonds, Series 2014C (the “Series 2014C Bonds”), in order to secure funds to finance: (i) the current refunding of the 2015 through 2024 maturities of the Library Agency’s General Obligation Library Bonds, Series 2004 (the “Series 2004 Bonds”), in the original aggregate principal amount of $12,280,000 and outstanding in the principal amount of $9,180,000; (ii) a portion of the cost of the construction, renovation, equipping, and installation of capital improvements to the Library Agency’s Highland Park Branch (the “Highland Park Library”) and Sun Ray Library Branch (the “Sun Ray Library”) that will upgrade both the Highland Park Library and Sun Ray Library to 21st century library standards (the “2014 Library Projects”); and (iii) certain costs of issuance relating to the Series 2014C Bonds.
WHEREAS, the Library Agency, pursuant to a resolution adopted on this date (April 9, 2014) awarded the sale thereof to the initial purchaser; and
WHEREAS, in compliance with the provisions of the Act, the City has adopted an ordinance (the “Ordinance”) pledging the full faith, credit and resources of the City to the Series 2014C Bonds; and
WHEREAS, the bylaws of the Library Agency ...
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