Title
Granting preliminary approval to the issuance of certain general obligation and revenue bonds as approved in the 2016 budget of the City and authorizing City finance staff and advisors to take certain actions with respect to the sale of such bonds.
Body
WHEREAS, on December 16, 2015 the City Council (the “City Council”) of the City of Saint Paul, Minnesota (the “City”) approved the 2016 City Budget including the issuance of multiple series of general obligation and revenue bonds and certain lease-purchase obligations (collectively, the “Bonds”) in calendar year 2016 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 2016 through 2020, 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 2016 City Budget, and (ii) pay costs of issuance; and
WHEREAS, the water revenue bonds identified on Exhibit A attached hereto will be special, limited obligations of the City payable solely from revenues of the Saint Paul Regional Water Services and the water bonds will fund (i) certain water improvement and rehabilitation projects as set forth in the 2016 City Budget, and (ii) pay costs of issuance; and
WHEREAS, the general obligation 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 St. Paul Street...
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