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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.
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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, the Council of the City of Saint Paul does ordain as follows:
1. Authorized Amount. The Library Agency is hereby authorized to issue the Library Bonds in the estimated original aggregate principal amount of $16,345,000 of which not more than $7,000,000 shall be allocable to funding the 2014 Library Projects, the precise amount of which shall be determined by the Director, Office of Financial Services or the Debt Manager or their respective designees on the date of sale of the Library Bonds. The Library Bonds shall be issued by the Library Agency in order to (i) current refund the 2015 through 2024 maturities of the Series 2004 Bonds, (ii) finance a portion of the cost of the construction, renovation, equipping, and installation of the 2014 Library Projects, and (iii) finance the costs of issuance of the Library Bonds.
2. Amount; Form; Interest. The interest rates, maturity dates, amortization schedule, and original principal amount of the Library Bonds shall be determined on the date of sale of the Library Bonds and approved by the governing body of the Library Agency on such date and the City Council after the sale of the Library Bonds but prior to the issuance thereof.
3. Propriety. The issuance of the Library Bonds by the Library Agency is proper in this case, and in the estimated original aggregate principal amount of $16,345,000, the precise amount of which shall be determined by the Director, Office of Financial Services or the Debt Manager or their respective designees on the date of sale of the Library Bonds.
4. City's Full Faith, Credit and Resources. The City Council hereby authorizes the pledge of the full faith, credit and taxing power of the City to the payment of the Library Bonds.
5. Tax Levy. The City shall pay the principal amount of and interest due on the Library Bonds from (i) ad valorem property taxes levied pursuant to the Library Bonds Act, or (ii) Library Agency income from any source. The property taxes shall be levied by the City, or other income pledged, in a resolution of the City Council adopted after the sale of the Library Bonds but prior to the issuance thereof.
6. Effective Date. This ordinance shall become effective thirty (30) days after passage and approval by the City Council and publication once in the official newspaper of the City.
7. Referendum. This ordinance is subject to provisions of the City Charter pertaining to the procedure for referendum on ordinances enacted by the City Council. The petition for referendum must be filed within forty-five (45) days after the publication of this ordinance in the official newspaper of the City.