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Authorizing the issuance and sale of Recycling and Solid Waste Revenue Bonds, Series 2024E; awarding the sale thereof to the purchaser named herein; and fixing the form and specifications of the Recycling and Solid Waste Revenue Bonds, Series 2024E and providing the requirement for future parity revenue bonds.
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A. WHEREAS, in 2018 the City of Saint Paul, Minnesota (the “City”) established an organized collection system for residential refuse services (defined as residential buildings with 1 - 4 units) and commercial property owners; and
B. WHEREAS, the City had a five-year contract with the St. Paul Haulers, LLC (consortium of haulers) to provide residential garbage services for more than 74,000 1- to 4-unit dwelling properties from October 1, 2018 - September 30, 2023. In September 2023, the City and St. Paul Haulers, LLC agreed to an 18-month contract extension to provide residential garbage services through March 31, 2025; and
C. WHEREAS, beginning in April of 2025, the City has chosen to contract with a single trash hauler, FCC Environmental (“FCC”), to provide service to approximately 90% of residents in the City. The City will provide refuse hauling services to the remaining 10% of residents, primarily in areas that present logistical challenges to organized waste hauling; and
D. WHEREAS, the City has acquired five (5) trucks for hauling that are expected to be placed into service in the first quarter of 2025 and is in the process of staffing the service and administrative needs of the solid waste and recycling operations and such hauling trucks were internally financed using a combination of cash and an internal loan in the approximate amount of $1.1 million (the “2024 Internal Loan”); and
E. WHEREAS, the 2024 Internal Loan is secured by net revenues of the Public Works Special Services Enterprise Fund which may also be known as the Recycling and Solid Waste Fund (the “Recycling and Solid Waste Fund” and payable in annual installments of appro...
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