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Granting final approval to an increase in the Mandatory Tax Levy under Minnesota Statutes, Section 469.053, at the request of the Port Authority to provide security to be pledged to Taxable Ballpark Revenue Bonds to be issued by the Port Authority.
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WHEREAS, the City of Saint Paul (the "City") previously requested that the Port Authority of the City of Saint Paul (the "Port Authority") participate in the financing of a new multi-purpose regional ballpark (the "Ballpark") through the issuance of Taxable Limited Tax-Supported Ballpark Revenue Bonds, Series 2013-6 (the "Series 2013-6 Bonds"), and the application of the proceeds derived from the sale of the Series 2013-6 Bonds to the payment of a portion of the capital costs of the Ballpark; and
WHEREAS, the payment of the debt service on the Series 2013-6 Bonds is proposed to be secured by, and is expected to be paid from, payments to be made by the St. Paul Saints Baseball Club, Inc., a Minnesota corporation, and other revenue sources specifically pledged to payment of the Series 2013-6 Bonds; and
WHEREAS, as additional security for the Series 2013-6 Bonds, the Series 2013-6 Bonds are proposed to be secured by the pledge of a mandatory tax levy (the "Mandatory Tax Levy") authorized by Minnesota Statutes, Section 469.053, subdivisions 4 and 5 (the "Tax Levy Act"), provided that if the levy is not needed for debt service, it shall be cancelled on an annual basis; and
WHEREAS, as a condition to the authorization of the use of the Mandatory Tax Levy under the Tax Levy Act, the City Council must first adopt a resolution stating the proposed annual amount of the mandatory levy increase that the Port Authority would be entitled to request each year during the proposed term of the mandatory tax levy, and that the City would be required (upon such request from the Port Authority) to impose for payment of the debt service on the Series 2013-6 Bonds;
WHEREAS, pursuant to Resolution PH 13-184...
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