Title
Granting preliminary approval to the issuance of certain general obligation and revenue bonds as approved in the 2015 budget of the City of Saint Paul, Minnesota and authorizing City finance staff and advisors to take certain actions with respect to the sale of such bonds.
Body
WHEREAS, on December 10, 2014 the City Council (the "City Council") of the City of Saint Paul, Minnesota (the "City") approved the 2015 City Budget including the issuance of multiple series of general obligation and revenue bonds (collectively, the "Bonds") in calendar year 2015 as described below and on Exhibit A attached hereto and made a part hereof; and
WHEREAS, the general obligation capital improvement bonds identified on Exhibit A attached hereto will be general obligations of the City payable from general ad valorem taxes and will (i) fund various capital improvement projects identified in the City's approved Capital Improvement Budget for the years 2015 through 2019, and (ii) pay costs of issuance; and
WHEREAS, the sewer revenue bonds identified on Exhibit A attached hereto will be special, limited obligations of the City payable solely from the City's sewer enterprise fund and the sewer bonds will fund (i) certain sewer improvement and rehabilitation projects as set forth in the 2015 City Budget, and (ii) pay costs of issuance; and
WHEREAS, the general obligation RSVP street improvement bonds identified on Exhibit A attached hereto will be general obligations of the City payable from general ad valorem taxes and special assessments against benefited properties and will fund (i) certain street improvement and rehabilitation projects for 2015 as set forth in the 2015 City Budget; and (ii) pay costs of issuance; and
WHEREAS, the City along with Springsted Incorporated, as the City's municipal advisor, are monitoring certain prior bond issues of the City for refunding in advance of their maturities as identified on Exhibit A hereto and the City may issue refunding b...
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