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Approving a $51,000,000 bond issue by the Port Authority for the Gerdau St. Paul mill.
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Approving a $51,000,000 bond issue by the Port Authority for the Gerdau St. Paul mill.
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WHEREAS:
The Port Authority of the City of Saint Paul (the "Port Authority") has given its approval to the issuance of its Revenue Bonds (Gerdau Saint Paul Steel Mill Project) (the "Bonds") in the aggregate principal amount of approximately $51,000,000. The proceeds of the Bonds will be
to finance the acquisition and installation of a solid waste disposal facility consisting of a caster and related equipment necessary for the formation of liquid steel into WIP/billet form, together with the construction of the building in which it will be located, all at the Company's facility located at 1678 Red Rock Road in the City of Saint Paul, Minnesota (the "Project").
2. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds authorized by the Port Authority shall be issued only with the consent of the City Council of the City of Saint Paul, by resolution adopted in accordance with law.
3. Approval of the issuance of the proposed Bonds by the City Council is required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code").
4. To meet the requirements of both state and federal law, the Port Authority has conducted the public hearing required by Section 147(f) of the Code requested that the City Council give its approval to the issuance of the proposed Bonds by the Port Authority, subject to final approval of the details of said Bonds by the Port Authority.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Saint Paul that in accordance with the requirements of Section 147(f) of the Code, and in accordance with Laws of Minnesota 1976, Chapter 234, the City Council hereby approves the issuance of the aforesaid Bonds by the Port Authority for the purposes described in the Port Authority resolution adopted September 25, 2012, the exact details of which, including but not limited to, provisions relating to principal amount, maturities, interest rates, discount, redemption, and the issuance of additional bonds are to be determined by the Port Authority, and the City Council hereby authorizes the issuance of any additional bonds (including refunding bonds) by the Port Authority found by the Port Authority to be necessary for carrying out the purposes for which the aforedescribed Bonds are issued.