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Amending and replacing ordinance CF10-779 and authorizing the issuance of general obligation library refunding bonds of the Public Library Agency in order to achieve debt service savings.
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WHEREAS, under the provisions of Laws of Minnesota 2002, Chapter 390, Sections 36 through 38 (the “Library Bonds Act”) and Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act” and together with the Series 2021 Library Refunding Bonds Act, the “Act”), the Saint Paul Public Library Agency (the “Library Agency”) is authorized to issue general obligation bonds that are payable from the resources of the Library Agency and backed by the full faith, credit and taxing power of the City of Saint Paul (the “City”) and such Library Agency bonds are a general obligation of the City; and
WHEREAS, bonds issued by the Library Agency under the terms of the Act must not be included in the net debt of the City and must not be included in a per capita limit on taxing or spending in the city charter of the City; and
WHEREAS, the Act gives the Library Agency the power to issue bonds in the principal amount authorized by the City Council of the City by ordinance and the City Council set the amount form and interest on such Library Agency bonds; and
WHEREAS, notwithstanding any city charter provision or any general or special law to the contrary, bonds issued by the Library Agency may be issued and sold without submission of the question to the electors of the City, provided that the ordinance of the City Council authorizing issuance of bonds by the Library Agency is subject to provisions in the City Charter pertaining to the procedure for referendum on ordinances enacted by the City Council of the City; and
WHEREAS, on October 1, 2010, the Library Agency previously issued its Taxable General Obligation Library Bonds (Recovery Zone Economic Development Bonds - Direct Pay) Series 2010H (the “Series 2010H Bonds”), in the original aggregate principal amount of $3,700,000; and...
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