Title
Authorizing the issuance of general obligation library bonds, in one or more series, of the Saint Paul Public Library Agency pursuant to Laws of Minnesota 2002, Chapter 390, Sections 36 through 38, and Minnesota Statutes, Chapter 475, as amended.
Body
WHEREAS, the Saint Paul Public Library Agency (the "Library Agency") proposes to issue its General Obligation Library Bonds, in one or more series (the "Library Bonds"), as authorized by Laws of Minnesota 2002, Chapter 390, Sections 36 through 38 (the "Library Bonds Act"), and Minnesota Statutes, Chapter 475, as amended (the "Municipal Debt Act"); and
WHEREAS, the Library Agency may issue bonds (such as the Library Bonds) backed by the full faith, credit and taxing power of the City of Saint Paul, Minnesota (the "City") upon compliance with the provisions of the Library Bonds Act and the Municipal Debt Act; and
WHEREAS, the Library Agency proposes to apply the proceeds of the Library Bonds to (i) current refund the 2015 through 2024 maturities of the Library Agency's General Obligation Library Bonds, Series 2004 (the "Series 2004 Bonds"), in the original aggregate principal amount of $12,280,000 and outstanding in the principal amount of $9,180,000 as of March 1, 2014, (ii) finance a portion of the cost of the construction, renovation, equipping, and installation of capital improvements to the Library Agency's Highland Park Branch (the "Highland Park Library") and Sun Ray Library Branch (the "Sun Ray Library") that will upgrade both the Highland Park Library and Sun Ray Library to 21st century library standards (the "2014 Library Projects"), and (iii) finance costs of issuance of the Library Bonds; and
WHEREAS, the total amount of Library Bonds to be issued by the Library Agency in order to finance the 2014 Library Projects and current refund the Series 2004 Bonds is estimated to be $16,345,000 of which not more than $7,000,000 shall be allocable to funding the 2014 Library Projects.
NOW, THEREFORE...
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