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File #: RES 19-167    Version: 1 Name:
Type: Resolution Status: Passed
In control: City Council
Final action: 2/6/2019
Title: Granting preliminary approval to the issuance of certain general obligation and revenue bonds as approved in the 2019 budget of the City of Saint Paul; expressing the intent of the City of Saint Paul to reimburse itself from the proceeds of such tax-exempt bonds; and authorizing City finance staff and advisors to take certain actions with respect to the sale of such bonds.
Sponsors: Amy Brendmoen
Ward: Bond Sale
Attachments: 1. Exhibit A - 2019 Debt Strategy
Related files: RES 19-166, RES PH 19-94, RES 19-730, RES 19-727, RES 19-729, RES PH 19-169, RES PH 19-392
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Granting preliminary approval to the issuance of certain general obligation and revenue bonds as approved in the 2019 budget of the City of Saint Paul; expressing the intent of the City of Saint Paul to reimburse itself from the proceeds of such tax-exempt bonds; and authorizing City finance staff and advisors to take certain actions with respect to the sale of such bonds.

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WHEREAS, on December 12, 2018 the City Council (the “City Council”) of the City of Saint Paul, Minnesota (the “City”) approved the 2019 City Budget including the proposed issuance of multiple series of general obligation and revenue indebtedness (collectively, the “Bonds”) in calendar year 2019 as described below and on Exhibit A attached hereto and made a part hereof; and

WHEREAS, the general obligation capital improvement bonds identified on Exhibit A attached hereto will be general obligations of the City payable from general ad valorem taxes and will (i) fund various capital improvement projects identified in the City’s approved Capital Improvement Budget for the years 2019 through 2023, and (ii) pay costs of issuance; and

WHEREAS, the sewer revenue bonds identified on Exhibit A attached hereto will be special, limited obligations of the City payable solely from the City’s sewer enterprise fund and the sewer bonds will (i) fund certain sewer improvement and rehabilitation projects as set forth in the 2019 City Budget, and (ii) pay costs of issuance; and

WHEREAS, the Snelling-Midway district stormwater revenue notes identified on Exhibit A attached hereto will be special limited obligations of the City payable from the revenues pledged thereto but will not be a general obligation of the City and will (i) fund a stormwater improvement project in the Snelling-Midway area , and (ii) pay costs of issuance; and

WHEREAS, the water revenue bonds identified on Exhibit A attached hereto will be special, limited obligations of the City payable solely from revenues of the Saint ...

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