Title
Awarding the sale of General Obligation Capital Improvement Bonds, Series 2016A in order to finance certain capital improvements in the City; fixing the form and specifications of the Series 2016A Bonds; directing the execution and delivery of the Series 2016A Bonds; and providing for the payment of, and levying a tax for the Series 2016A Bonds.
Body
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 Laws of Minnesota for 1971, Chapter 773, as amended (the “Act”), and the provisions of Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act”), to issue capital notes, bonds or certificates of indebtedness in order to finance capital improvements in the City if such capital improvements are made in accordance with the requirements of the City Charter; and
WHEREAS, the City is proposing to issue its General Obligation Capital Improvement Bonds, Series 2016A (the “Series 2016A Bonds”), pursuant to the terms of the Act and the Municipal Debt Act; and
WHEREAS, portion of the proceeds of the Series 2016A Bonds will finance the acquisition, construction and repair of various capital improvements in the City as identified in its duly adopted Capital Improvement Budget of the City; and
WHEREAS, upon recommendation of the Mayor and the advice of the Long Range Capital Improvement Budget Committee, the 2016 Capital Improvement Budget, heretofore adopted and amended by this Council provided that at least $11,000,000 is available for appropriation in 2016 to fund various capital improvement projects (the “2016 CIB Projects”) in the approved 2016 Capital Improvement Budget; and
WHEREAS, the City is proposing to issue its Series 2016A Bonds, pursuant to the terms of the City Charter, the Act, and the Municipal Debt Act; and
WHEREAS, proceeds derived from the sale of the Series 2016A Bonds will be used by the City to (i) fund the 2016 CIB Pro...
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