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Authorizing the execution and delivery of a First Amendment to Continuing Covenant Agreement relating to the City of Saint Paul General Obligation Variable Rate Street Improvement Special Assessment Bonds, Series 2015C issued to finance the 2015 Saint Paul Street Vitality Program and refinance certain prior general obligations of the City.
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WHEREAS, the City of Saint Paul, Minnesota (the “City”) previously issued its General Obligation Street Improvement Special Assessment Bonds, Series 2015C (the “Series 2015C Bonds”) in a direct loan placement with BMO Harris Bank N.A. (“BMO”) in order to finance the 2015 Saint Paul Street Vitality Program and refinance certain prior general obligations of the City; and
WHEREAS, in connection with the issuance of the Series 2015C Bonds, the City and BMO entered into a Continuing Covenant Agreement, dated as of July 1, 2015 (the “2015 CCA”); and
WHEREAS, the City also issued its General Obligation Variable Rate Street Improvement Special Assessment Bond, Series 2016C (the “Series 2016C Bonds”) in order to finance the 2016 Saint Paul Street Vitality Program; and
WHEREAS, in connection with the issuance of the Series 2016C Bonds, the City and BMO entered into a Continuing Covenant Agreement, dated as of July 1, 2016 (the “2016 CCA”); and
WHEREAS, the provisions of the 2016 CCA were similar to, but not exactly the same as the 2015 CCA; and
WHEREAS, City finance staff, in consultation with Barnes & Thornburg LLP, bond counsel to the City, and the City Attorney’s Office have requested that BMO amend the 2015 CCA to be consistent with the provisions of the 2016 CCA; and
WHEREAS, BMO has agreed to amend the 2015 CCA such that its provisions are consistent with the terms of the 2016 CCA by entering into a First Amendment to Continuing Covenant Agreement, to be dated on or after October 1, 2016 (the “2015 CCA Amendment”), between the City and BMO; and
WHEREAS, the form of the 2015 CCA Amendment is now on file ...
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