Title
Awarding the sale of General Obligation Capital Improvement Bonds, Series 2015A, in order to refund certain prior obligations of the City and to finance certain capital improvements in the City; fixing the form and specifications of the Series 2015A Bonds; directing the execution and delivery of the Series 2015A Bonds; and providing for the payment of, and levying a tax for the Series 2015A Bonds.
Body
WHEREAS, the City of Saint Paul, Minnesota, a home rule charter city and a political subdivision of the State of Minnesota (the “City”), is authorized by Laws of Minnesota for 1971, Chapter 773, as amended (the “Act”), and the provisions of Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act”), to issue capital notes, bonds or certificates of indebtedness in order to finance capital improvements in the City if such capital improvements are made in accordance with the requirements of the City Charter; and
WHEREAS, the City is proposing to issue its General Obligation Capital Improvement Bonds, Series 2015A (the “Series 2015A Bonds”), pursuant to the terms of the Act and the Municipal Debt Act; and
WHEREAS, portion of the proceeds of the Series 2015A Bonds will finance the acquisition, construction and repair of various capital improvements in the City as identified in its duly adopted Capital Improvement Budget of the City; and
WHEREAS, upon recommendation of the Mayor and the advice of the Long Range Capital Improvement Budget Committee, the 2015 Capital Improvement Budget, heretofore adopted and amended by this Council provided that at least $11,000,000 is available for appropriation in 2015 to fund various capital improvement projects (the “2015 CIB Projects”) in the approved 2015 Capital Improvement Budget; and
WHEREAS, the City previously issued its General Obligation Capital Improvement Bonds, Series 2007C (the “Series 2007C Bonds”), in the original aggregate principal amount of $6,250,000 and currently outstanding in the princ...
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