Title
Awarding the sale of General Obligation Various Purpose Bonds, Series 2018A; fixing the form and specifications of the Series 2018A Bonds; directing the execution and delivery of the Series 2018A Bonds; and levying a tax for the Series 2018A Bonds.
Body
WHEREAS, the City of Saint Paul, Minnesota, a home rule charter city and a political subdivision of the State of Minnesota (the “City”), is authorized by Laws of Minnesota for 1971, Chapter 773, as amended (the “CIB Act”) to issue general obligation capital improvement budget bonds of the City in order to finance approved capital improvement budget projects and Minnesota Statutes, Sections 410.32 and 412.301, as amended (the “Capital Notes Act”), to issue capital notes, bonds or certificates of indebtedness in order to finance the acquisition of capital equipment; and
WHEREAS, the provisions of Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act”) also apply to any debt obligations of the City issued under the provisions of the CIB Act or the Capital Notes Act; and
WHEREAS, the City is proposing to issue its General Obligation Various Purpose Bonds, Series 2018A (the “Series 2018A Bonds”), pursuant to the terms of the CIB Act, the Municipal Debt Act, and the Capital Notes Act; and
WHEREAS, the proceeds of the Series 2018A Bonds will: (i) provide financing for capital improvement projects (the “2018 CIB Projects”) identified in the City’s adopted 2018 Capital Improvement Budget and Program (the “2018 CIB”); (ii) finance the acquisition of certain equipment, including, but not limited to, public safety vehicles and other capital equipment (the “Equipment”); and (iii) pay costs of issuance relating to the Series 2018A Bonds; and
WHEREAS, upon recommendation of the Mayor and the advice of the Long Range Capital Improvement Budget Committee, the 2018 CIB adopted and amended by this Council provided that at least $11,000,000 is available for appropriation in 2018 to fund the 2018 CI...
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