Title
Authorizing and directing the execution of certain documents in connection with the delivery of an alternate letter of credit securing the City's Taxable Variable Rate Demand Sales Tax Revenue Refunding Bonds (RiverCentre Arena Project), Series 2009A.
Body
WHEREAS, on May 1, 2009, the City of Saint Paul, Minnesota, a home rule charter city and a political subdivision of the State of Minnesota (the "City"), issued its Taxable Variable Rate Demand Sales Tax Revenue Refunding Bonds (RiverCentre Arena Project), Series 2009A (the "Series 2009A Bonds"), in the original aggregate principal amount of $65,455,000, the proceeds of which were used to refund the City's outstanding Taxable Sales Tax Revenue Bonds (RiverCentre Arena Project), Series 1999A; and
WHEREAS, the Series 2009A Bonds were issued under the terms of an Indenture of Trust, dated as of May 1, 2009 (the "Original Indenture"), between the City and Wells Fargo Bank, National Association, as trustee (the "Trustee"), and are currently outstanding in the aggregate principal amount of $54,165,000; and
WHEREAS, to secure the payment of the Series 2009A Bonds, U.S. Bank National Association (the "Original Bank") issued its Irrevocable Letter of Credit No. SLCMMSP05598 (the "Original Letter of Credit") to the Trustee under the terms of a Reimbursement Agreement, dated as of May 1, 2009 (the "Original Reimbursement Agreement"), between the City and the Original Bank; and
WHEREAS, the Original Letter of Credit will expire on June 30, 2014, and the City has determined it will not extend the Original Letter of Credit with the Original Bank; and
WHEREAS, the Office of Financial Services solicited competitive bids from various financial institutions and selected Wells Fargo Bank, National Association (the "Bank"), to provide the new letter of credit (the "Letter of Credit"); and
WHEREAS, in connection with the issuance of the Letter of Credit by the Bank, there are on...
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