Title
Authorizing the issuance and negotiated sale of Taxable Revenue Refunding Notes (State of Minnesota Continuing Appropriation Grant), Series 2014, the proceeds of which are to be applied to the defeasance of the Sales Tax Revenue Refunding Bonds (Civic Center Project), Series 1996, issued by The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota; delegating to a Pricing Committee the authority to set the terms thereof within parameters set forth in this Resolution; fixing the form and specifications of the Series 2014 Notes; approving an Indenture of Trust and Related Documents; and directing the execution and delivery of the Series 2014 Notes, the Indenture of Trust, and related documents.
Body
WHEREAS, under Laws of Minnesota 1993, Chapter 375, Article 9, Section 46, as amended (the "Local Sales Tax Act"), the City is authorized to impose an additional sales tax of up to one-half of one percent on sales transactions taxable pursuant to Minnesota Statutes, Chapter 297A, as amended, that occur within the City (the "Local Sales Tax"); and
WHEREAS, under the terms of the Local Sales Tax Act the Council of the City adopted resolutions approving the Local Sales Tax Act and imposing the Local Sales Tax; and
WHEREAS, under the terms of subdivision 2 of the Local Sales Tax Act, the City was authorized to use the revenues derived from the Local Sales Tax to pay all or a portion of the capital expenses of construction, equipment, and acquisition costs for the expansion and remodeling of the St. Paul Civic Center Complex, now known as the Saint Paul RiverCentre Complex ("RiverCentre") including the demolition of the existing arena and the construction and equipping of a new arena; and
WHEREAS, under the provisions of Minnesota Statutes, Section 469.001-469.047, as amended (the "HRA Act") and the Local Sales Tax Act, The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") issued its Sales T...
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