Title
Resolution granting approval to the issuance of bonds, in one or more series, of the Saint Paul Public Library Agency that are payable from the general obligation of the City of Saint Paul, Minnesota
Body
WHEREAS, the Saint Paul Public Library Agency (the "Library Agency") proposes to issue its General Obligation Library Bonds, in one or more series, in an estimated original aggregate principal amount of $16,345,000 (the "Library Bonds"), as authorized by Laws of Minnesota for 2002, Chapter 390, Sections 36 through 38 (the "Library Bonds Act"), and Minnesota Statutes, Chapter 475, as amended (the "Municipal Debt Act" and together with the Library Bonds Act, the "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 Act; and
WHEREAS, on January 15, 2014, the City Council of the City (the "City Council") had the first reading of an ordinance of the City authorizing the issuance and sale of the Library Bonds and the pledge of the full faith and credit of the City to the payment of the Library Bonds; and
WHEREAS, the proceeds of the Library Bonds will be applied by the Library Agency in order 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 issuan...
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