Title
Resolution Approving Amended and Restated Disbursing Agreement (District Energy Project)
Body
WHEREAS:
A. The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") has previously issued its variable rate demand revenue bonds in 1982, 1985, 1997 and 1999 for the purpose of financing a portion of the costs related to a district energy system (the "District Energy System") owned and operated by District Energy St. Paul, Inc. (f/k/a District Heating Development Company) ("District Energy"), all of which revenue bonds have since been repaid; and
B. The Port Authority of the City of Saint Paul (the "Port Authority") has, pursuant to a Joint Powers Agreement with the HRA dated as of April 1, 2003 (the "District Energy Joint Powers Agreement"), previously issued its variable rate district heating revenue bonds in 2003, 2005, 2006 and January 2009, and has loaned the proceeds of such bonds to District Energy for purposes of financing a portion of costs related to the District Energy System; and
C. Proceeds of all of the bonds issued to date have been disbursed pursuant to the terms of a Disbursing Agreement dated as of December 1, 1982 (the "Disbursing Agreement) entered into among the City of Saint Paul (the "City"), the HRA, U.S. Bank National Association (the "Trustee") and District Energy; and
D. District Energy has proposed that the Port Authority issue its District Heating Variable Rate Tax-Exempt Bonds, 2012 Series T and District Heating Variable Rate Taxable Bonds, 2012 Series U (collectively the "2012 District Energy Bonds"), in the aggregate principal amount of approximately $6,205,000 to provide funds to finance improvements to the District Energy System; and
E. It is necessary and desirable to amend and restate the Disbursing Agreement to reflect that the Port Authority, as the issuer of the 2012 District Energy Bonds, is a party to the Disbursing Agree...
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