Title
A resolution awarding the sale of General Obligation Various Purpose Bonds, Series 2016E; fixing the form and specifications of the Series 2016E Bonds; directing the execution and delivery of the Series 2016E Bonds; and levying a tax for the Series 2016E Bonds
Body
WHEREAS, the City of Saint Paul, Minnesota, a home rule charter city and a political subdivision of the State of Minnesota (the “City”), is authorized by Laws of Minnesota for 1971, Chapter 773, as amended (the “CIB Act”) to issue general obligation capital improvement budget bonds of the City in order to finance approved capital improvement budget (“CIB”) projects and Minnesota Statutes, Sections 410.32 and 412.301 (the “Capital Notes Act”), to issue capital notes, bonds or certificates of indebtedness in order to finance the acquisition of capital equipment; and
WHEREAS, the provisions of Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act”) also apply to any debt obligations of the City issued under the provisions of the CIB Act or the Capital Notes Act; and
WHEREAS, the City is proposing to issue its General Obligation Various Purpose Bonds, Series 2016E (the “Series 2016E Bonds”), pursuant to the terms of the Act, the Municipal Debt Act, and the Capital Notes Act; and
WHEREAS, the proceeds of the Series 2016E Bonds will (i) finance the acquisition of certain equipment, including, but not limited to, public safety and public works vehicles and other capital equipment (the “Equipment”), (ii) acquire the portion of the Jimmy Lee Recreation Center, located at 1063 Iglehart Avenue, Saint Paul Minnesota (the “Jimmy Lee Recreation Center”) that the City does not currently own (the “CIB Project”), and (iii) pay costs of issuance relating to the Series 2016E Bonds; and
WHEREAS, the acquisition of the CIB Project will be accomplished by paying for the purchase of the portion of the Jimmy Lee Recreation Center that the City does not already own and the...
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