Title
Approving the issuance of up to $10,650,000 of limited tax-supported refunding and new money bonds series 2016-5 and 2016-6.
Body
WHEREAS, pursuant to C.F. No. 03-1019 adopted by the City Council of the City of Saint Paul (the “City Council”) on November 19, 2003 and Resolution No. 4040 adopted by the Port Authority of the City of Saint Paul (the “Port Authority”) on October 28, 2003, the Port Authority has previously issued its $5,060,000 Taxable Limited Tax Supported Business Development Program Reserve Bonds, Series 2003-19 (the “Series 2003 Bonds”) to provide funds which were used to capitalize a business development bond; and
WHEREAS, the Series 2003 Bonds were issued pursuant to an Indenture of Trust, dated as of December 1, 2003 (the “2003 Indenture”) which provided for the issuance of additional parity lien bonds under certain circumstances; and
WHEREAS, pursuant to C.F. No. 07-86 adopted by the City Council of the City of Saint Paul (the “City Council'') on February 7, 2007, and Resolution No. 4203 adopted by the Port Authority of the City of Saint Paul (the “Port Authority') on January 23, 2007, the Port Authority has previously issued its $12,495,000 Limited Tax-Supported Brownfields Redevelopment Program Bonds, Series 2007-2 (the “Series 2007 Bonds”) to provide funds which were used by the Port Authority in the operation of the Brownfields Redevelopment Program; and
WHEREAS, the Series 2007 Bonds were secured and paid from the proceeds of a tax levy (the “Mandatory Levy”) under Minn. Stat §469.053, Subd. 4 (the “Mandatory Tax Levy Act”) that the Port Authority is entitled to request, and that the City is required (upon such request) to levy for the benefit of the Port Authority; and
WHEREAS, the Series 2007 Bonds were issued pursuant to an Amended and Restated Indenture of Trust, dated as of February 1, 2007 (as amended from time to time by the Port Authority, the “Indenture”), which amended and restated the 2003 Indenture and pro...
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