Title
Granting authority to the Port Authority of the City of Saint Paul to issue and sell bonds in the aggregate principal amount of approximately $6,000,000,and to use the proceeds derived from the sale of such bonds for the acquisition, remediation and improvement of blighted and marginal lands located in the City, pursuant to the provisions and by authority of said Minnesota Statutes, 2015, Chapter 469, as amended; and prescribing the amount and form of such bonds and the manner for establishing the rate of interest which shall attach to the same.
Body
WHEREAS, the Port Authority of the City of Saint Paul has advised the City of its belief that, within the City, blighted and marginal properties (the “Properties”) within the meaning of Minnesota Statutes, 2015, Chapter 469, as amended (the “Act”), are likely to be available to the Port Authority for purchase, remediation and/or improvement, and the Port Authority wishes to obtain additional funds to use in preparing such Properties for redevelopment or otherwise for use by the Port Authority for purposes authorized by the Act; and
WHEREAS, the Port Authority has asked the City to authorize it to issue and sell general obligation bonds in an initial principal amount supported by a $455,000 annual tax levy, not exceeding $6,000,000 (the “Bonds”), to provide funds for use by the Port Authority to pay the costs and expenses incurred by the Port Authority in connection with the acquisition, remediation and/or improvement of blighted and marginal Properties; such Bonds to be issued in one or more series, and to be secured by the full faith, credit and resources of the City all pursuant to Minnesota Statutes 2015, Section 469.060; and
WHEREAS, the City Council, being duly advised in the premises, finds and determines that it is appropriate and necessary that the Port Authority issue the Bonds and use the proceeds thereof to pay costs and expenses incurred by the Port Authority in connection with its acquisition...
Click here for full text