title
Granting preliminary approval to the issuance of sales tax revenue bonds by the City and authorizing City finance staff and advisors to take certain actions with respect to the issuance and sale of such bonds and related matters.
body
WHEREAS, under Laws of Minnesota 1993, Chapter 375, Article 9, Section 46, as amended (the “Local Sales Tax Act”), the City of Saint Paul, a home rule city, municipal corporation, and political subdivision of the State of Minnesota (the “City”), is authorized to impose an additional sales tax of up to one-half of one percent on sales transactions in the City taxable under Minnesota Statutes, Chapter 297A, as amended, and a use tax at the same rate for the use, storage, distribution, or consumption in the City of personal property purchased without payment of the City sales tax (the City sales and use tax is hereinafter referred to as the “Local Sales Tax”).
WHEREAS, under the terms of Subdivision 2 of the Local Sales Tax Act, the City is authorized to use the net revenues derived from imposition of the Local Sales Tax to pay for the following projects or to secure or pay any principal, premium, or interest on bonds issued for the following projects: (i) the capital expenses of construction, equipment and acquisition costs for the expansion and remodeling of the St. Paul Civic Center complex, including the demolition of the existing arena and the construction and equipping of a new arena; and (ii) capital projects to further residential, cultural, commercial, and economic development in both downtown St. Paul and St. Paul neighborhoods.
WHEREAS, under the terms of Subdivision 3 of the Local Sales Tax Act, the City is authorized to issue special revenue bonds to finance all or a portion of the cost for projects authorized in Subdivision 2 of the Local Sales Tax Act. Such bonds may be paid from or secured by any funds available to the City, including the Local Sales Tax, any revenues derived from the projects, and tax i...
Click here for full text