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Providing for the issuance of and accepting a proposal on the sale of General Obligation Street Reconstruction Bond, Series 2023C; and levying a tax for the payment of the Series 2023C Bond.
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WHEREAS, the Director, Office of Financial Services, has presented to the City Council (the “Council”) a proposal received for the sale of the City of Saint Paul, Minnesota (the “City”) General Obligation Street Reconstruction Bond, Series 2023C (the “Series 2023C Bond”) to Wells Fargo Bank, National Association (“Wells Fargo”) in a direct loan placement; and
WHEREAS, on April 26, 2023, the City’s Office of Financial Services transmitted to various financial institutions a Request for Proposals (the “RFP”) for the issuance of general obligation street reconstruction bonds in order to (i) finance or reimburse the City for the preliminary costs of various street reconstruction projects (the “2023 Street Projects”) authorized in the City’s 2023-2027 Street Reconstruction Plan (the “Street Reconstruction Plan” or the “SRP”), and (ii) pay costs of issuance of the Series 2023C Bond; and
WHEREAS, in response to the RFP, the City’s Office of Financial Services received four responses and, with the advice of the City’s municipal advisor Baker Tilly Municipal Advisors, LLC, selected Wells Fargo as the financial institution that was considered to be the most advantageous financing proposal for the Series 2023C Bond; and
WHEREAS, the City will issue the Series 2023C Bond pursuant to the Charter of the City (the “City Charter”) and Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act”), including Section 475.58, Subd. 3b of the Municipal Debt Act (the “Street Reconstruction Act” and together with the Municipal Debt Act, the “Act”); and
WHEREAS, the Street Reconstruction Act requires that prior to issuance of the bonds the following requirements are met: (i) a public hearing is held by the Council with the notice required by the Street Reconstruction Act...
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