Title
Resolution Providing for the Optional Redemption of Certain Sales Tax Revenue Bonds (Civic Center Project), Series 1993 Previously Issued by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota and Approving the Execution and Delivery of Any Necessary Documents, District 17, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes Sections 469.001 to 469.047, et seq. (the "Act"); and
WHEREAS, the HRA previously issued its $65,000,000 Sales Tax Revenue Bonds (Civic Center Project), Series 1993 (the “Series 1993 Bonds”), in the original aggregate principal amount of $65,000,000 with a final maturity date of November 1, 2023;
WHEREAS, on April 29, 1996, pursuant to an Indenture of Trust, dated as of April 1, 1996, between the HRA and Wells Fargo Bank, National Association (formerly known as Norwest Bank Minnesota, National Association), the HRA previously issued its Sales Tax Revenue Refunding Bonds (Civic Center Project), Series 1996 (the “Series 1996 Bonds”), in the original aggregate principal amount of $55,865,000, with the same final maturity date of the Series 1993 Bonds; and
WHEREAS, the proceeds of the Series 1996 Bonds were used by the HRA to advance refund the Series 1993 Bonds and establish an escrow for the Series 1993 Bonds through their final maturity date and the HRA retained its right to optionally redeem the Series 1993 Bonds in the documents entered into by the HRA with respect to the Series 1996 Bonds;
WHEREAS, the Director, Office of Financial Services, has recommended that the HRA optionally redeem the outstanding Series 1993 Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "Board”) that:
1. The Director, Office of Financial Services and the Executive D...
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