Title
Accepting the offer of the Minnesota Public Facilities Authority to purchase a Water Revenue Note in an aggregate principal amount of $7,564,417, providing for the issuance of the 2016 Note, and authorizing execution of a project loan agreement with the Minnesota Public Facilities Authority.
Body
WHEREAS, Saint Paul Regional Water Services on behalf of the City Council (the “Council”) of the City of Saint Paul, Minnesota (the “City”), has heretofore applied for a loan from the Minnesota Public Facilities Authority (the “PFA”) to provide financing pursuant to the City’s home rule charter and Minnesota Statutes, Chapter 475 (the “Municipal Debt Act”), 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 (the “2016 Projects”), as improvements to the City’s municipal water utility (the “Water Utility”) operated by Saint Paul Regional Water Services; and
WHEREAS, Saint Paul Regional Water Services has, since its acquisition in 1885, been under the jurisdiction of the Board of Water Commissioners of the City of Saint Paul (the “Board”) and the Board and this Council deem it necessary and expedient to undertake the 2016 Projects; and
WHEREAS, the PFA is authorized pursuant to Minnesota Statutes, Chapter 446A, as amended (the “PFA Act”), to issue its bonds and to use the proceeds thereof, together with certain other state and federal funds, to provide loans to municipalities such as the City to fund eligible costs of construction of publicly owned drinking water systems in accordance with the Federal Safe Drinking Water Act; and
WHEREAS, the PFA has committed to make a loan to the City in the principal amount of $7,564,417, to be disbursed and repaid in accordance with the terms of a Minnesota Public Facilities Authority Revenue Bond Purchase and Project Loan Agreement (the “Project Loan Agreement”) executed by the PFA...
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