Title
Granting authority to the Port Authority of the City of Saint Paul to issue and sell general obligation bonds to which the Port Authority pledges the full faith and credit of the City under Minnesota Statutes, Section 469.060.
Body
WHEREAS, the City of Saint Paul (the “City”) previously authorized the issuance by the Port Authority of the City of Saint Paul (the “Port Authority”) of its General Obligation Bonds, Series 2008-6 (the “Prior Bonds”), in the original aggregate principal amount of $8,130,000 pursuant to Ordinance #08-1082, the proceeds of which were used by the Port Authority to finance the acquisition and redevelopment of the property known as the 3M St. Paul Campus located in the area of Phalen Boulevard, Arcade Street and Forest Street, and East Seventh Street, in St. Paul, Minnesota (the “Property”) and to also pay the costs of issuance for the Prior Bonds; and
WHEREAS, the Port Authority requested that the City authorize the issuance and sale, by the Port Authority, of its general obligation bonds in an aggregate principal amount not to exceed $6,300,000, in one or more tax-exempt and/or taxable series (the “Bonds”) to (a) advance refund the Prior Bonds, (b) provide funds for certain new economic development projects involving the Port Authority as authorized under the provisions of Minnesota Statutes, Sections 469.048 through 469.068, as amended (the “Port Authority Act”) (collectively, the “Project”), and (c) pay the costs of issuance of the Bonds,
WHEREAS, under the provisions of Section 469.060 of the Port Authority Act, the Port Authority may also pledge the full faith, credit and resources of the City to the payment of such Bonds and levy a tax to pay the Bonds if the City consents by ordinance to such pledge and approves issuance of the Bonds by the Port Authority; and
WHEREAS, a copy of the Port Authority’s request to issue the Bonds, pledge the full, faith and credit and taxing power of the City, and levy a tax to pay the ...
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