title
Providing for the issuance of and accepting a proposal on the sale of a General Obligation Variable Rate Street Improvement Special Assessment Bond, Series 2017D and taking other required actions with respect thereto.
body
WHEREAS, the Director, Office of Financial Services, has presented to the Council a proposal received for the sale of General Obligation Variable Rate Street Improvement Special Assessment Bonds, Series 2017D (the “Series 2017D Bonds”), of the City of Saint Paul, Minnesota (the “City”) in a direct loan placement with BMO Harris Bank N.A. (the “Purchaser”); and
WHEREAS, the City Council gave its preliminary approval to the issuance of the Series 2017D Bonds by adopting RES 17-112 on January 18, 2017; and
WHEREAS, the City will issue the Series 2017D Bonds pursuant to the Charter of the City (the “City Charter”) and Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act” or the “Act”); and
WHEREAS, the Purchaser and the City are now in the process of negotiating the provisions of a Continuing Covenant Agreement, to be dated on or after July 1, 2017 (as amended, supplemented, modified or restated from time to time, the “CCA”), between the City and the Purchaser, which will set forth the terms and conditions of a loan provided by the Purchaser to the City; and
WHEREAS, the Purchaser and the City have also negotiated certain amendments to the prior continuing convent agreements with respect to the City’s outstanding (i) General Obligation Variable Rate Street Improvement Special Assessment Bonds, Series 2015C and (ii) General Obligation Variable Rate Street Improvement Special Assessment Bonds, Series 2016C in order to align the provisions of such prior continuing covenant agreements with the CCA (the “Amendments”); and
WHEREAS, the proceeds derived from the sale of the Series 2017D Bonds will be used by the City to (i) fund certain street improvement and rehabilitation projects for 2017 as set forth in the 2017 City Ca...
Click here for full text