Title
Granting preliminary approval to the issuance of Sales Tax Revenue Bonds, Series 2014 by the City of Saint Paul, Minnesota, and authorizing City finance staff and advisors to take certain actions with respect to the sale of such Sales Tax Revenue Bonds.
Body
WHEREAS, under Laws of Minnesota 1993, Chapter 375, Article 9, Section 46, as amended (the "Local Sales Tax Act"), the City of Saint Paul, Minnesota (the "City") is authorized to impose an additional sales tax of up to one-half of one percent on sales transactions taxable pursuant to Minnesota Statutes, Chapter 297A, as amended, that occur within the City (the "Local Sales Tax"); and
WHEREAS, under the terms of the Local Sales Tax Act, the Council of the City previously adopted resolutions approving the Local Sales Tax Act and imposing the Local Sales Tax; and
WHEREAS, under the terms of subdivision 2 of the Local Sales Tax Act, the City is authorized to use the revenues derived from the Local Sales Tax to finance capital projects to further residential, cultural, commercial, and economic development in both downtown Saint Paul and the Saint Paul neighborhoods; and
WHEREAS, the City is proposing to issue its Sales Tax Revenue Bonds (the "Series 2014 Bonds"), in one or more series of tax-exempt bonds or taxable bonds, in an amount necessary to provide up to $40,000,000 to the project fund to finance a portion of the capital costs authorized to be financed under the terms of the Local Sales Tax Act; and
WHEREAS, the proceeds of the Series 2014 Bonds will be applied to finance various capital projects to be defined and designated by the City Council (the "Projects") to further residential, cultural, commercial, and economic development in both downtown Saint Paul and Saint Paul neighborhoods as authorized by the Local Sales Tax Act; and
WHEREAS, the Series 2014 Bonds are proposed to be issued in a negotiated sale pursuant to a supplement to an Indenture...
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