Title
Granting preliminary approval for the issuance of certain general obligation capital notes, and authorizing city finance staff and advisors to take certain actions with respect to the sale of such general obligation capital notes.
Body
WHEREAS, the City of Saint Paul, Minnesota, a home rule charter city and a political subdivision of the State of Minnesota (the "City"), is authorized by Minnesota Statutes, Sections 410.32 and 412.301, as amended (the "Capital Notes Act"), and the provisions of Minnesota Statutes, Chapter 475, as amended (the "Municipal Debt Act" and together with the Capital Notes Act, the "Act"), to issue general obligation capital notes or certificates of indebtedness in order to finance the purchase of capital equipment; and
WHEREAS, any capital notes issued by the City pursuant to the Act shall be payable in not more than ten years and may be issued on such terms as the City Council of the City determines; and
WHEREAS, the amount of any single issue of capital notes issued by the City to finance the purchase of capital equipment shall not exceed .25 percent (.25%) of the market value of taxable property in the City or the City will be required to hold a public hearing on the issuance of such capital notes; and
WHEREAS, the City is proposing to issue its General Obligation Capital Notes, in one or more series of tax-exempt or taxable notes (the "2012 Capital Notes"), in the estimated original aggregate principal amount not to exceed $8,000,000 to finance a portion of the cost of the City Operations Modernization and Enterprise Transformation ("COMET") project (the "Project") which will modernize the City's procurement, finance, budget, payroll and human resources software systems and related hardware (the "COMET Project"), and
WHEREAS, City finance staff will bring forward a resolution to amend the City's 2012 budget to reflect the issuance of the 2012 Capital Notes and finance a portion of the COMET Project; and
WHEREAS, ...
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