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Supplementing the General Resolution CF 88-835 relating to Sewer Revenue Bonds and providing for the issuance of Sewer Revenue and Refunding Bonds, Series 2013D; awarding the sale of the Series 2013D Bonds; and fixing the form and specifications of the Series 2013D Bonds.
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WHEREAS, the City of Saint Paul, Minnesota (the “City”) previously issued its Sewer Revenue Bonds, Series 2004E (the “Series 2004E Bonds”), currently outstanding in the principal amount of $3,920,000;
WHEREAS, the Series 2004E Bonds were issued in order to finance various improvement to the City’s sewer system; and
WHEREAS, it is necessary and desirable for the City to refund and defease the December 1, 2013 through December 1, 2023 maturities of the Series 2004E 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 Series 2004E Bonds; and
WHEREAS, the City of Saint Paul, Minnesota (the “City”) will issue its Sewer Revenue and Refunding Bonds, Series 2013D (the “Series 2013D Bonds”), in order to (i) advance refund and defease the City’s outstanding Series 2004E Bonds, (ii) fund various capital improvements to the City’s sewer system, (iii) make a deposit to the Reserve Account as required under the terms of the General Resolution, and (iv) pay the costs of issuance of the Series 2013D Bonds; and
WHEREAS, the proposals for the purchase of the Series 2013D Bonds set forth on EXHIBIT C attached hereto were received pursuant to the Terms of Proposal at the offices of Springsted Incorporated, as financial advisor to the City, on the date hereof; and
WHEREAS, the Director, Office of Financial Services, has advised this Council that the proposal of the Purchaser (as defined herein) was found to be the most advantageous and has recommended that said proposal be accepted by the City; and
WHEREAS, the City Council gave its preliminary approval to the issuance of the Series 2013...
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