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Authorizing issuance of and awarding the sale of two Taxable Grant Anticipation Notes for Lead Pipe Replacement in the City.
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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 (i) the City’s home rule charter (the “City Charter”), (ii) Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act”), specifically Section 475.61 Subd. 5 of the Municipal Debt Act, to issue one or more grant anticipation notes of the City if the municipality has applied for a loan or grant of state or federal funds to aid in the payment of cost incurred for an authorized purpose and all conditions exist precedent to the offering for sale of obligations of a municipality in any amount for any purpose authorized by law; and
WHEREAS, the City is proposing to issue its (i) Taxable Grant Anticipation Note, Series 2026A (the “2026A LSLR GAN”) and (ii) Taxable Grant Anticipation Note, Series 2026B (the “2026B LSLR GAN” and, together, the “2026 LSLR GAN”), pursuant to the terms of the City Charter and the Municipal Debt Act, including Section 475.61, Subd. 5; and
WHEREAS, on March 8, 2023, the City Council of the City adopted Resolution No. 23-289, entitled “General Resolution Relating to Water Revenue Bonds” (the “General Resolution”); and
WHEREAS, Section 6.4 of the General Resolution contemplates the adoption of future resolutions which supplement or amend the General Resolution for the issuance of Subordinate Obligations (as defined in the General Resolution) which have a subordinate pledge on the Net Revenues (as defined in the General Resolution) of Saint Paul Regional Water Services (“SPRWS” or the “Utility”); and
WHEREAS, Section 6.4 of the General Resolution does not restrict the ability of the City to issue Subordinate Obligations; and
WHEREAS, therefore, the City could issue Subordinate Obligations without restriction and could...
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