Title
Approving supplemental resolution #16 supplementing the general resolution (CF 88-835) relating to sewer revenue bonds and providing for the issuance of Sewer Revenue Refunding Bonds, Series 2016D; delegating to a pricing committee the authority to set the terms thereof within parameters set forth in this resolution; and fixing the form and specifications of the Series 2016D Bonds.
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WHEREAS, the Director, Office of Financial Services, has presented proposals received for the sale of Sewer Revenue Refunding Bonds, Series 2016D (the “Series 2016D Bonds”), of the City of Saint Paul, Minnesota (the “City”); and
WHEREAS, the City Council gave its preliminary approval to the issuance of the Series 2016D Bonds by adopting RES 16-231 on February 10, 2016 identifying the possible refunding of the Series 2006C Bonds (as defined below) and the Series 2008D Bonds (as defined below) on such resolution and interest rates on tax-exempt municipal bonds have improved since the adoption of the preliminary resolution such that City finance staff has been advised by Springsted Incorporated, the City’s municipal advisor, that the Series 2009C Bonds (as defined below) may also be refinanced on an advance refunding basis to achieve debt service savings; and
WHEREAS, on May 24, 1988, the City Council of the City adopted Resolution No. 88-835, entitled “General Resolution Relating to Sewer Revenue Bonds” (the “General Resolution”); and
WHEREAS, the Office of Financial Services of the City has presented a proposal to delegate to a pricing committee (the “Pricing Committee”) the negotiations with the Underwriter, named therein (the “Underwriter”), for the sale of the Series 2016D Bonds; and
WHEREAS, the Pricing Committee shall consist of the Director, Office of Financial Services or his designee, the City Debt Manager or his designee, and a representative of Springsted Incorporated; and
WHEREAS, on April 6, 2006, the City previously issued its Sewer Revenue Bonds, Se...
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