Title
Awarding the sale of General Obligation Public Safety Bonds, Series 2017B, in order to finance the acquisition and construction of public safety training facilities and advance refund certain outstanding public safety general obligation bonds of the City and take other required actions including levying a tax for the Series 2017B Bonds.
Body
WHEREAS, the City of Saint Paul, Minnesota, a home rule charter city and a political subdivision of the State of Minnesota (the “City”), is authorized by the City Charter, and the provisions of Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act”), to issue general obligation capital notes, bonds or certificates of indebtedness in order to finance and refinance capital improvements in the City if such capital improvements are made in accordance with the requirements of the City Charter; and
WHEREAS, pursuant to Section 475.521 of the Municipal Debt Act (the “CIP Act”), the City is authorized to issue general obligation capital improvement plan bonds for purposes of the acquisition, installation and equipping of public safety facilities if certain conditions discussed below are met; and
WHEREAS, the City is proposing to issue its General Obligation Public Safety Bonds, Series 2017B (the “Series 2017B Bonds”) pursuant to the terms of the Municipal Debt Act; and
WHEREAS, the proceeds of the Series 2017B Bonds, along with other City funds, will be used to: (i) advance refund on a crossover basis the City’s General Obligation Public Safety Bonds, Series 2008C (the “Series 2008C Bonds”), issued in the original aggregate principal amount of $10,510,000, maturing November 1, 2018 through May 1, 2033 (the “Series 2008C Refunded Maturities”), originally issued on March 5, 2008 by the City for the purpose of reimbursing the City for the costs of the acquisition of its Western Police Station located at the intersection of Hamline and St. Anthony Avenues in the City; (ii) finance the acquisition, installa...
Click here for full text