Title
Authorizing the issuance and sale of Water Revenue Refunding Bonds in order to achieve debt service savings.
Body
WHEREAS, the City of Saint Paul, Minnesota (the "City") previously issued its (i) Water Revenue Bonds, Series 2003C, dated March 1, 2003 (the "Series 2003 Bonds"), in the original aggregate principal amount of $10,650,000 and currently outstanding in the principal amount of $6,525,000, (ii) Water Revenue Bonds, Series 2005D (the "Series 2005 Bonds"), dated March 15, 2005, in the original aggregate principal amount of $11,380,000 and currently outstanding in the principal amount of $7,925,000, and (iii) General Obligation Wastewater Treated Water Revenue Note of 1996 (the "Series 1996 Note"), dated June 26, 1996, in the original aggregate principal amount of $4,269,844 and currently outstanding in the approximate principal amount of $1,183,683;
WHEREAS, the Series 1996 Note, the Series 2003 Bonds, and the Series 2005 Bonds are collectively referred to herein as the "Prior Bonds"; and
WHEREAS, the Prior Bonds were issued in order to finance various improvements to the City's municipal water utility (the "Water Utility") operated by Saint Paul Regional Water Services and are all payable from the Net Revenues of the City's Water Utility; and
WHEREAS, Saint Paul Regional Water Services has, since its acquisition in 1885, been under the jurisdiction of the Board of Water Commissioners of the City of Saint Paul (the "Board") and the Board and this Council deem it necessary and expedient to undertake the refunding of the Prior Bonds; and
WHEREAS, it is necessary and desirable for the City to refund one or more series of the Prior Bonds with the refunding of the Series 1996 Note and the Series 2003 Bonds as "current refundings" and the Series 2005 Bonds as an "advance refunding" in order to achieve debt service cost savings on the outstanding principal amount of the Prior Bonds; and
WHEREAS, the refunding of the Prior Bonds will be accomp...
Click here for full text