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Providing for the issuance of and accepting a proposal on the sale of General Obligation Variable Rate Street Improvement Special Assessment Bonds, Series 2015C to finance the 2015 Saint Paul Street Vitality Program and to refinance certain obligations of the City; fixing the form and specifications of the Series 2015C Bonds; providing for the issuance of the Series 2015C Bonds; and levying a tax for the payment of the Series 2015C Bonds.
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WHEREAS, the Director, Office of Financial Services, has presented to the Council a proposal received for the sale of General Obligation Street Improvement Special Assessment Bonds, Series 2015C (the “Series 2015C Bonds”), of the City of Saint Paul, Minnesota (the “City”) in a direct loan placement with BMO Harris Bank N.A. (the “Purchaser”); and
WHEREAS, the City Council gave its preliminary approval to the issuance of the Series 2015C Bonds by adopting RES 15-397 on February 25, 2015, and City finance staff and Springsted Incorporated, the City’s registered municipal advisor, have completed a request for proposals from qualified financial institutions with respect to the direct purchase of the Series 2015C Bonds and the Purchaser was selected after such competitive process; and
WHEREAS, the City will issue the Series 2015C Bonds pursuant to the Charter of the City (the “City Charter”) and Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act” or the “Act”); and
WHEREAS, the Purchaser and the City are now in the process of negotiating the provisions of a Continuing Covenant Agreement, to be dated on or after June 1, 2015 (as amended, supplemented, modified or restated from time to time, the “CCA”), between the City and the Purchaser, which will set forth the terms and conditions of a loan provided by the Purchaser to the City; and
WHEREAS, on March 3, 2010, the City previously issued its Taxable General Obligation Street Improvement Special Assessment Bonds, Series 2010C (Build America Bonds - D...
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