Title
Granting preliminary approval to the issuance of certain general obligation and revenue bonds as approved in the 2012 city budget and authorizing city finance staff and advisors to take certain actions with respect to the sale of such bonds. ( 2012 spring bond sale)
Body
WHEREAS, on December 14, 2011 the City Council (the "Council") of the City of Saint Paul, Minnesota (the "City") approved the 2012 City Budget including the issuance of multiple series of general obligation and revenue bonds (collectively, the "Bonds") in the Spring of 2012 as described on Exhibit A attached hereto and made a part hereof; and
WHEREAS, the capital improvement bonds identified on Exhibit A attached hereto fund various capital improvement projects identified in the City's approved Capital Improvement Budget for the years 2012 through 2016; and
WHEREAS, the sewer revenue bonds identified on Exhibit A attached hereto will be special, limited obligations of the City payable solely from the City's sewer enterprise fund and the sewer bonds will fund certain sewer improvement and rehabilitation projects as set forth in the 2012 City Budget; and
WHEREAS, the RSVP street improvement bonds identified on Exhibit A attached hereto fund certain street improvement and rehabilitation projects for 2012 as set forth in the 2012 City Budget; and
WHEREAS, the library bonds identified on Exhibit A will be issued by the Saint Paul Public Library Agency and the full, faith and credit and general obligation of the City will be pledged to the payment of such Bonds and such bonds will fund improvements to the Highland Library and the Sunray Library; and
WHEREAS, City finance staff currently anticipates selling the Bonds at competitive sale in March 2012.
BE IT RESOLVED by the Council of the City of Saint Paul, Minnesota, as follows:
1) The Director, Office of Financial Services, City Treasurer, City Debt Manager and other appropriate City officials and staff are hereby authoriz...
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