Title
Providing for the issuance of and accepting a proposal on the sale of General Obligation Street Improvement Special Assessment Bonds, Series 2014B, to finance and refinance certain obligations of the City; fixing the form and specifications of the Series 2014B Bonds; providing for the issuance of the Series 2014B Bonds; and levying a tax for the payment of the Series 2014B Bonds.
Body
WHEREAS, the Director, Office of Financial Services, has presented to the Council proposals received for the sale of General Obligation Street Improvement Special Assessment Bonds, Series 2014B (the “Series 2014B Bonds”), of the City of Saint Paul, Minnesota (the “City”); and
WHEREAS, the proposals set forth on EXHIBIT C attached hereto were received pursuant to the Terms of Proposal at the offices of Springsted Incorporated, 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; and
WHEREAS, the City Council gave its preliminary approval to the issuance of the Series 2014B Bonds by adopting RES 14-215 on February 5, 2014; and
WHEREAS, the proceeds of the Series 2014B Bonds will finance or refinance certain street improvements to be specially assessed, for which the City is proceeding pursuant to its Charter and not Minnesota Statutes, Chapter 429, with any excess to be used for any other purpose permitted by law; and
WHEREAS, the City previously issued its General Obligation Street Improvement Special Assessment Bonds, Series 2004B (the “Series 2004B Bonds”) issued in the original aggregate principal amount of $2,500,000 and currently outstanding in the principal amount of $1,085,000, dated March 1, 2004 in order to fund (i) street improvements within the City; and (ii) certain related financing costs of the Series 2004B Bonds; and
WHEREAS...
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