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Granting preliminary approval to the issuance of certain general obligation and revenue bonds as approved in the 2026 City budget; expressing the intent of the City to reimburse itself from the proceeds of such tax-exempt and taxable bonds; and authorizing City finance staff and advisors to take certain actions with respect to the sale of such bonds.
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WHEREAS, on December 10, 2025 the City Council (the “City Council”) of the City of Saint Paul, Minnesota (the “City”) approved the 2026 City Budget including the proposed issuance of multiple series of general obligation and revenue indebtedness (collectively, the “Bonds”) in calendar year 2026 as described below and on Exhibit A attached hereto and made a part hereof; and
WHEREAS, the general obligation capital improvement bonds identified on Exhibit A attached hereto will be general obligations of the City payable from general ad valorem taxes and will (i) fund various capital improvement projects identified in the City’s approved Capital Improvement Budget, Green Energy projects for the years 2026 through 2030, and (ii) pay costs of issuance; and
WHEREAS, the general obligation street reconstruction bonds identified on Exhibit A attached hereto will be general obligations of the City payable from general ad valorem taxes a portion of which may be payable from special assessments against benefited properties and will (i) fund certain Saint Paul Street Vitality program improvement and rehabilitation projects as set forth in the 2026 City Budget and previously budgeted for in 2022, 2023, 2024 and 2025 that were not completed, and (ii) pay costs of issuance; and
WHEREAS, the general obligation capital note equipment financing identified on Exhibit A attached hereto will be general obligations of the City payable from general ad valorem taxes and will (i) fund public safety equipment and other capital equipment for use by City departments identified in the 2026 City Budget, and (ii) pay costs of i...
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