Title
Requesting the City of Saint Paul, Minnesota issue and sell a $7,500,000 water revenue note, series 2016 to the Minnesota Public Facilities authority for various drinking water improvement projects.
Body
WHEREAS, Saint Paul Regional Water Services (the “Utility”) provides safe drinking water to the residents of the City of Saint Paul, Minnesota (the “City”) and the surrounding municipalities; and
WHEREAS, the Board of Water Commissioners of the City of Saint Paul, the governing body of the Utility (the “Board”), has identified the following capital projects that will require the incurrence of a debt obligation for funding: (i) the purchase and installation of the McCarron’s switchgear and electrical replacement improvements and (ii) the West Saint Paul pump station generator and electrical improvements (collectively, the “2016 Projects”); and
WHEREAS, the Board, by adoption of RES 16-649 on April 12, 2016, established its desire to finance the 2016 Projects by means of a drinking water revolving fund loan from the Minnesota Public Facilities Authority (the “MPFA”) in an amount of approximately $7,200,000, or the as-bid costs of the 2016 Projects; and
Whereas, the City Council (the “Council”) of the City adopted on December 16, 2015, the 2016 Budget of the Water Department which included $7,585,000 of debt funded capital spending; and
WHEREAS, the Council of the City adopted on February 10, 2016, RES 16-231 “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; and
WHEREAS, it is proposed that the Council adopt a resolution authorizing the issuance of a Water Revenue Note, Series 2016 (the “2016 Note”) to be sold to the MPFA in the approximate amount of $7,500,000, or the as-bid costs, in order to fund the 2016 Projects; and
WHEREAS, the 2016 Note will be i...
Click here for full text