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Approving and authorizing the execution of a Pledge Agreement and taking other actions in connection with the issuance by the Housing and Redevelopment Authority of Parking Enterprise Revenue Refunding Bonds, Series 2025A and Taxable Parking Enterprise Revenue Refunding Bonds, Series 2025B.
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WHEREAS, on this date the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) adopted its General Revenue Bond Resolution (the “General Bond Resolution”) as amended and supplemented by a First Supplemental Bond Resolution (the “Supplemental Bond Resolution” and, together with the General Bond Resolution, the “HRA Resolutions”) authorizing the issuance of revenue Bonds of the HRA to finance or refinance certain public parking facilities; and
WHEREAS, the HRA proposes to issue its (i) Parking Enterprise Revenue Refunding Bonds, Series 2025A (the “Series 2025A Bonds”), and (ii) Taxable Parking Enterprise Revenue Refunding Bonds, Series 2025B (the “Series 2025B Bonds” and, together with the Series 2025A Bonds, the “Series 2025 Bonds”), pursuant to the General Bond Resolution and the Supplemental Bond Resolution to provide funds to refund certain outstanding bonds of the HRA previously issued to finance or refinance certain public parking facilities (collectively, the “Prior Bonds”); and
WHEREAS, under the terms of a proposed Pledge Agreement (the “Pledge Agreement”) between the City of Saint Paul (the “City”) and the HRA, the City will pledge and direct payment of the first $3,000,000 of parking meter revenues and parking fine revenues to the HRA for the benefit of the owners of the Series 2025 Bonds and other future revenue bonds hereafter issued pursuant to the HRA Resolutions; and
WHEREAS, certain information regarding the City and the HRA, including information regarding historical meter and fine revenues, will be set forth in an official statement and in the future made available to the public pursuant to a Continuing Disclosure Un...
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