Title
Approving the Issuance of Revenue Bonds by the City of Saint Paul to Refund all Outstanding Sales Tax Revenue Refunding Bonds (Civic Center Project), Series 1996, Issued by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota; Authorizing the Optional Redemption and Prepayment of the Series 1996 Bonds; and Authorizing the Execution of Various Documents in Connection with the Redemption of the Series 1996 Bonds and Related Transactions.
Body
WHEREAS, under Laws of Minnesota 1993, Chapter 375, Article 9, Section 46, as amended (the “Local Sales Tax Act”), the City of Saint Paul (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 Tax Revenue Bonds (Civic Center Project), Series 1993 (the “Series 1993 Bonds”), in the original principal amount of $65,000,000, and under the terms of a Joint Pledge Agreement, dated as of November 1, 1993 (the “Original Pledge Agreement”), b...
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