Title
Authorizing the issuance and direct placement of a Revenue Note (Trash Cart Project), Series 2018, to finance the acquisition of trash carts for use in the solid waste and recycling program of the City.
Body
WHEREAS, under the provisions of Resolution 18-342, adopted on February 28, 2018; the City Council of the City: (i) granted preliminary approval to the issuance of trash cart revenue notes, in a principal amount of up to $4,000,000, to fund the purchase and implementation of new trash carts and pay the costs of issuing such notes; (ii) authorized cash expenditures for such purposes from sources other than the proceeds of trash cart revenue notes; and (iii) declared the official intent of the City, for purposes of Treasury Regulations, Section 1.150-2, to reimburse such original cash expenditures with the proceeds of the trash cart revenue notes; and
WHEREAS, under the provisions of Resolution 18-114, adopted on April 25, 2018, the 2018 Recycling and Solid Waste Fund budget was amended to authorize the expenditure by the City of up to $4,000,000 for the purchase of new wheeled, lidded trash carts (the “Trash Carts”) for use in the City-wide solid waste and recycling program; 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 the means of garbage disposal and utility or other public convenience 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 (Trash Cart Project), Series 2018 (the “Series 2018 Note” or the “Note”), under the terms of the Municipal Debt Act, in the original aggregate principal amount not to exceed $4,000,000, and apply the proceeds ...
Click here for full text