Title
Approving the issuance of conduit revenue bonds by the Port Authority for the benefit of District Energy Saint Paul, Inc.
Body
WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.1655, as amended (the “Act”), the Port Authority of the City of Saint Paul (the “Port Authority”), is authorized to issue revenue bonds to finance or refinance, in whole or in part, the costs of the acquisition, construction, improvement, or extension of revenue producing enterprises, whether or not operated for profit; and
WHEREAS, District Energy Saint Paul, Inc., a Minnesota nonprofit corporation (“District Energy”), has proposed that the Port Authority issue its (i) District Energy Revenue Bonds, 2017-3 (501(c)(3)), (ii) District Energy Revenue Bonds, Series 2017-4 (AMT), and (iii) District Energy Revenue Bonds, Series 2017-5 (Taxable) (collectively the “2017 District Energy Bonds”); and
WHEREAS, proceeds of the 2017 District Energy Bonds will be used by District Energy in order to (i) finance improvements to its heating and cooling distribution system and its heating and cooling plants located in the City of Saint Paul, Minnesota (the “City”); (ii) pay a portion of the interest on the 2017 District Energy Bonds; (iii) fund one or more reserve accounts to secure timely payment of the 2017 District Energy Bonds; and (iv) pay a portion of the costs of issuing the 2017 District Energy Bonds (the “Project”) in the combined aggregate principal amount of approximately $25,000,000; and
WHEREAS, the 2017 District Energy Bonds are proposed to be issued under the terms of the Bond Indenture of Trust, dated on or after November 1, 2017 (the “Bond Indenture”), between the Port Authority and U.S. Bank National Association, as bond trustee (the “Bond Trustee”); and
WHEREAS, the loan of the proceeds of the 2017 District Energy Bonds is proposed to be made by the Port Authority to District Energy pursuant to the terms of a ...
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