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Granting preliminary approval to the issuance of various general obligation and revenue bonds as approved in the 2024 City budget; expressing the intent of the City to reimburse itself from the proceeds of such tax-exempt bonds; and authorizing City finance staff and advisors to take certain actions with respect to the sale of such bonds.
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WHEREAS, on December 6, 2023 the City Council (the “City Council”) of the City of Saint Paul, Minnesota (the “City”) approved the 2024 City Budget including the proposed issuance of multiple series of general obligation and revenue indebtedness (collectively, the “Bonds”) in calendar year 2024 as described below and on Exhibit A attached hereto and made a part hereof; and
WHEREAS, the general obligation capital improvement bonds identified on Exhibit A attached hereto will be general obligations of the City payable from general ad valorem taxes and will (i) fund various capital improvement projects identified in the City’s approved Capital Improvement Budget, including Green Energy projects, and (ii) pay costs of issuance; and
WHEREAS, the general obligation street reconstruction bonds identified on Exhibit A attached hereto will be general obligations of the City payable from general ad valorem taxes, a portion of which may but is not required to be payable from special assessments against benefited properties, and will (i) fund certain Saint Paul Street Vitality program improvement and rehabilitation projects as set forth in the 2024 City Budget and previously budgeted for in 2023 that were not completed, and (ii) pay costs of issuance; and
WHEREAS, the general obligation capital note equipment financing identified on Exhibit A attached hereto will be a general obligation of the City payable from general ad valorem taxes and will (i) fund public safety equipment and other capital equipment for use by City departments identified in the 2024 City Budget, including software, and (ii) pay costs of issuance; and
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