Title
Supplementing the general resolution relating to sewer revenue bonds (Supplemental Resolution #12, Council File 88-835); providing for the issuance of Sewer Revenue Bonds, Series 2014E; awarding the sale of the Series 2014E Bonds; and fixing the form and specifications of the Series 2014E Bonds.
Body
WHEREAS, the Director, Office of Financial Services, has presented proposals received for the sale of Sewer Revenue Bonds, Series 2014E (the “Series 2014E Bonds”), of the City of Saint Paul, Minnesota (the “City”); and
WHEREAS, the proposals for the purchase of the Series 2014E Bonds set forth on EXHIBIT C attached hereto were received pursuant to the Terms of Proposal at the offices of Springsted Incorporated, as 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 by the City; and
WHEREAS, the City Council gave its preliminary approval to the issuance of the Series 2014E Bonds by adopting RES 14-215 on February 5, 2014; and
WHEREAS, on May 24, 1988, the City Council of the City adopted Resolution No. 88-835, entitled “General Resolution Relating to Sewer Revenue Bonds” (the “General Resolution”); and
WHEREAS, the General Resolution contemplates Supplemental Resolutions which supplement or amend the General Resolution, including Supplemental Resolutions authorizing the issuance of additional series of bonds secured on a parity with the bonds initially issued pursuant to the General Resolution, which were the City’s Sewer Revenue Bonds, Series 1988A (the “Series 1988A Bonds”) and which are no longer outstanding; and
WHEREAS, it is necessary and desirable to adopt this resolution as a Supplemental Resolution to the General Resolution to provide for the issuance of the Series 2014E Bonds on a parity of lien with the City’s outstanding...
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