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Authorizing the issuance and sale of Water Revenue Bonds, Series 2023A; awarding the sale thereof to the purchaser named herein; and fixing the form and specifications of the Water Revenue Bonds, Series 2023A and providing the requirement for future parity water revenue bonds.
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WHEREAS, pursuant to the authority granted under Special Laws of Minnesota 1881, Chapter 188, as amended by Special Laws of Minnesota 1883, Chapter 75 and Special Laws of Minnesota 1885, Chapter 110, as may be further amended in the future (the “SPRWS Law”) the City of Saint Paul, Minnesota (the “City”) was authorized by the Minnesota Legislature to purchase the franchise and property of the St. Paul Water Company, to own and operate a water utility and to create a Board of Water Commissioners (the “Water Board”);
WHEREAS, under the authority granted by the SPRWS Law and the City’s Home Rule Charter, the City owns the municipal water utility system (the “Water Utility” or “System”) operated by Saint Paul Regional Water Services (“SPRWS”) the governing body of which is the Water Board; and
WHEREAS, SPRWS has operated the Water Utility and has been under the jurisdiction of the Water Board since its acquisition in the 1880’s; and
WHEREAS, pursuant to the provisions of Chapter 10, Section 10.15.1 of the City’s Home Rule Charter, all revenues of SPRWS shall be kept separate from other funds of the City and shall only be used for the expense of operating SPRWS and the Water Utility; and
WHEREAS, the SPRWS Law and the City’s Home Rule Charter also allow for SPRWS to enter into water use agreements and provide water service to other units of local government and their residents; and
WHEREAS, since the inception of SPRWS, the City has incurred and will incur costs for the Water Utility and for other improvements thereto and the City’s Home Rule Charter in Section 10.11.2 of Chapter 10 specifically allows for the City to issue revenue bonds payable from the Water Utility; and
WHEREAS, th...
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