Title
Providing for the issuance of and accepting a proposal on the sale of general obligation street improvement special assessment bonds, Series 2012B; fixing the form and specifications of the Series 2012B bonds; providing for the issuance of the Series 2012B bonds; and levying a tax for the payment of the Series 2012B bonds.
Body
WHEREAS, the Director, Office of Financial Services, has presented to the Council proposals received for the sale of General Obligation Street Improvement Special Assessment Bonds, Series 2012B (the “Series 2012B Bonds”), of the City of Saint Paul, Minnesota (the “City”); and
WHEREAS, the proposals set forth on EXHIBIT C attached hereto were received pursuant to the Terms of Proposal at the offices of Springsted Incorporated, Financial Advisor to the City, on the date hereof; and
WHEREAS, the Director, Office of Financial Services, has advised this Council that the proposal of the Purchaser (as defined herein) was found to be the most advantageous and has recommended that said proposal be accepted; and
WHEREAS, the City Council gave its preliminary approval to the issuance of the Series 2012B Bonds by adopting CF No. 12-51 on January 11, 2012; and
WHEREAS, the proceeds of the Series 2012B Bonds will finance certain street improvements to be specially assessed, for which the City is proceeding pursuant to its Charter and not Minnesota Statutes, Chapter 429, with any excess to be used for any other purpose permitted by law; and
WHEREAS, the Series 2012B Bonds are being issued pursuant to the Charter of the City and Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act” and together with the Charter, the “Act”); and
WHEREAS, pursuant to Section 475.60, Subdivision 2(9) of the Municipal Debt Act, public sale requirements do not apply to the Series 2012B Bonds if the City retains an independent financial advisor and determines to sell the Series 2012B Bonds by private negotiation, and the City has, with the advice ...
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