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Authorizing the issuance and sale of Water Revenue Refunding Bonds, Series 2013A; awarding the sale thereof to the purchaser named herein; and fixing the form and specifications of the Water Revenue Refunding Bonds, Series 2013A.
Body
WHEREAS, the City of Saint Paul, Minnesota (the “City”) previously issued its (a) Water Revenue Bonds, Series 2003C (the “Series 2003C Bonds”), currently outstanding in the principal amount of $6,525,000 and (b) Water Revenue Bonds, Series 2005D (the “Series 2005D Bonds” and together with the Series 2003C Bonds, the “Prior Bonds”), currently outstanding in the principal amount of $7,925,000;
WHEREAS, the Prior Bonds were issued in order to finance various improvement to the City’s municipal water utility (the “Water Utility”) operated by Saint Paul Regional Water Services; and
WHEREAS, it is necessary and desirable for the City to refund the December 1, 2013 through December 1, 2022 maturities of the Series 2003C Bonds in a “current refunding” for payment on or about March 18, 2013 and to refund the December 1, 2013 through December 1, 2024 maturities of the Series 2005D Bonds in an “advance refunding” for payment on or about December 1, 2014 in order to achieve debt service cost savings on the outstanding principal amount of the Prior Bonds; and
WHEREAS, Saint Paul Regional Water Services has operated the Water Utility, since its acquisition in 1885, and 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 in order to achieve future debt service savings; and
WHEREAS, the City Council gave its preliminary approval to the issuance of the Series 2013A Bonds by adopting RES 13-40 on January 9, 2013; and
WHEREAS, in order to fund the refunding of the Prior Bonds, the City will issue its Water Revenue Refunding Bonds, Series 2013A (the “Series 2013A Bonds”); and
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