Title
Granting authority to the Port Authority to issue and sell bonds in the aggregate principal amount of approximately $17,500,000 and to use the proceeds derived from the sale of such bonds for the costs and expenses incurred by the Port Authority for the acquisition, remediation and improvement of blighted and marginal lands located in the City; and to refund the Series 2003-8 Bonds previously issued by the Port Authority for similar purposes, pursuant to the provisions and by authority of Minnesota Statutes 1992, Chapter 469, as amended; and prescribing the amount and form of such bonds and the manner for establishing the rate of interest.
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WHEREAS, the Port Authority of the City of Saint Paul (the "Port Authority") has previously issued its $14,535,000 General Obligation Bonds, Series 2003-8 (the "2003-8 Bonds") and, pursuant to Ordinance No. 93-1423 adopted by the City of Saint Paul (the "City"), has pledged the full faith, credit and resources of the City; and
WHEREAS, the Port Authority has advised the City of its belief that considerable costs savings can be recognized by refunding of the Series 2003-8 Bonds at this time; and
WHEREAS, the Port Authority has asked the City to authorize the issuance of approximately $9,000,000 of General Obligation Bonds pursuant to the Act (the "Refunding Bonds") for the purpose of redeeming and prepaying the Series 2003-8 Bonds, effecting a cost savings thereby, which savings will reduce the existing levy imposed for such bonds; and
WHEREAS, the City Council, being duly advised in the premises, finds and determines that it is appropriate and necessary that the Port Authority issue the Refunding Bonds pursuant to the authority originally granted in the City's Ordinance No. 93-1423; and
WHEREAS, the Port Authority has further advised the City of its belief that, within the City, blighted and marginal properties (the "Properties") within the meaning of Minnesota Statutes 1992, Chapter...
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