Title
Pertaining to the Issuance of Water Revenue Bonds in an Aggregate Principal Amount Not to Exceed $58,000,000 for the Water Treatment Plant Improvement Project.
Body
Resolution Requesting the City of Saint Paul, Minnesota to Issue and Sell Water Revenue Bonds in an Aggregate Principal Amount Not to Exceed $58,000,000 for the WTP Modernization Project; Expressing the Intent of the Board of Water Commissioners to Reimburse Itself from the Proceeds of Such Tax-Exempt Bonds; and Authorizing Board of Water Commissioners Staff to Take Certain Actions with Respect to the Sale of Such Tax-Exempt Bonds
WHEREAS, Saint Paul Regional Water Services (the “Utility”) provides safe drinking water to the residents of the City of Saint Paul, Minnesota (the “City”) and the surrounding municipalities; and
WHEREAS, the Board of Water Commissioners of the City of Saint Paul, the governing body of the Utility (the “Board”), has identified certain 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”) that will require the incurrence of a tax-exempt bonds or other debt obligation for funding of such WTP Modernization Project; and
WHEREAS, it is proposed that the Council adopt resolutions at a later date authorizing the issuance of one or more series of revenue notes, in an aggregate amount estimated to be approximately $58,000,000 of which at least (i) $29,000,000 is anticipated to be sold in a direct placement to the Minnesota Public Facilities Authority (the “PFA”) in 2024 (the “2024-1 Note”) and an additional $29,000,000 to be issued in 2025 (the “2025 Note” and, toge...
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