Title
Authorizing the issuance and direct placement of a Revenue Note (Recycling Cart Project), Series 2017, to finance the acquisition of recycling carts for use in the recycling program.
Body
WHEREAS, in 2016 the purchase of new wheeled, lidded recycling carts (the “Recycling Carts”) for use in the City-wide recycling program was included in the final 2016 Budget adopted by the City; and
WHEREAS, under the provisions of Resolution PH 16-432, adopted on December 7, 2016; the City Council of the City authorized an internal loan in the amount of up to $1,800,000 to finance a portion of the costs of acquisition of the Recycling Carts and also authorized alternate financing and declared its intent to reimburse internal loan expenditures for the Recycling Carts with the proceeds of tax-exempt obligations of the City; and
WHEREAS, under Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act”), the City is authorized to issue revenue obligations payable wholly from the income of revenue producing conveniences to finance the purposes authorized by the Municipal Debt Act, including garbage disposal facilities and utility or other public conveniences from which a revenue is or may be derived; and
WHEREAS, the Office of Financial Services has recommended that the City issue a Revenue Note (Recycling Cart Project), Series 2017 (the “Series 2017 Note” or the “Note”), under the terms of the Municipal Debt Act, in the original aggregate principal amount not to exceed $1,800,000, and apply the proceeds derived from the sale of the Series 2017 Note to: (i) the payment or reimbursement to the City of the costs of the acquisition and distribution of the Recycling Carts; (ii) payment of the costs of issuing the Series 2017 Note; and (iii) other related costs authorized by the terms of the Municipal Debt Act; and
WHEREAS, the City has retained Ehlers & A...
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