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Authorizing and directing the execution of certain documents in connection with the renewal of the letter of credit securing the City’s Taxable Variable Rate Demand Sales Tax Revenue Refunding Bonds (RiverCentre Arena Project), Series 2009A.
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WHEREAS, on May 1, 2009, the City of Saint Paul, Minnesota, a home rule charter city and a political subdivision of the State of Minnesota (the “City”), issued its Taxable Variable Rate Demand Sales Tax Revenue Refunding Bonds (RiverCentre Arena Project), Series 2009A (the “Series 2009A Bonds”), in the original aggregate principle amount of $65,455,000, the proceeds of which were used to refund the City’s outstanding Taxable Sales Tax Revenue Bonds (RiverCentre Arena Project), Series 1999A; and
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WHEREAS, the Series 2009A Bonds were issued under the terms of an Indenture of Trust, dated as of May 1, 2009 (the “First Indenture”), between the City and Wells Fargo Bank, National Association (the “Trustee”); and
WHEREAS, the First Indenture was later supplemented and amended by the First Supplemental Indenture, dated May 1, 2014 and the Second Supplemental Indenture, dated December 1, 2014 (the “Supplemental Indentures”), between the City and Trustee; and
WHEREAS, to secure the payment of the Series 2009A Bonds, U.S. Bank National Association issued an Irrevocable Letter of Credit on May 1, 2009 (the “Original Letter”) that expired on June 30, 2014; and
WHEREAS, the Original Letter expired on June 30, 2014 and after a competitive bidding process was replaced with a new Letter of Credit, issued by Wells Fargo Bank, National Association (the “Bank”) on May 23, 2014 (the “2014 Letter of Credit”), which is set to expire on May 23, 2017; and
WHEREAS, the City wishes to extend its arrangement with the Bank, and enter into a new Letter of Credit (the “2017 Letter of Credit extension”) to secure the Series 2009A Bonds; and
WHEREAS, in connection with the issuance of the 2017 Letter of Credit by the Ba...
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