Title
Pertaining to the issuance and sale of up to $7,585,000 of Water Revenue Notes of 2016.
Body
WHEREAS, the Board of Water Commissioners of the City of Saint Paul (the “Board”) previously requested that the City of Saint Paul, Minnesota (the “City”) authorize the issuance of one or more Water Revenue Note by the City in an original aggregate amount not to exceed $7,564,417 (the “2016 Note”), for the purposes of 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, with proceeds of the sale of the 2016 Note (the “2016 Projects”); and
WHEREAS, on February 10, 2016, the City Council of the City adopted a resolution expressing the intent of the City to issue the 2016 Note in order to fund the 2016 Projects; and
WHEREAS, on November 9, 2016, the City Council adopted a resolution (the “Note Resolution”) authorizing the issuance of the 2016 Note and the sale of the 2016 Note to the Minnesota Public Facilities Authority (the “PFA”) in order to fund the 2016 Projects; and
WHEREAS, the Note Resolution was adopted by the City Council in the form proposed, and the Note Resolution in the form adopted is before this Board meeting and on file, and awards the sale of the 2016 Note to the PFA and sets forth various terms of the 2016 Note and sets forth the terms thereof; and
WHEREAS, the Note Resolution approves project loan agreements (the “Project Loan Agreement”) by and between the City and the PFA and joined in or accepted by the Board for the 2016 Note.
NOW, THEREFORE, BE IT RESOLVED by the Board of Water Commissioners of the City of Saint Paul, as follows:
1. Concurrence. The Board hereby concurs in the Note Resolution as adopted by the City Council of the City, and all provisions therein are hereby incorporated by reference in this resolution and joined in, adopted, approved and ratified, including all of the covenants and...
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