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File #: RES 19-1851    Version: 1
Type: Resolution Status: Passed
In control: City Council
Final action: 10/23/2019
Title: Consenting to the issuance of up to $5,500,000 of General Obligation Refunding Bonds by the Port Authority of the City of Saint Paul.
Sponsors: Amy Brendmoen
Ward: Bond Sale
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Consenting to the issuance of up to $5,500,000 of General Obligation Refunding Bonds by the Port Authority of the City of Saint Paul.

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WHEREAS, in accordance with the provisions of Minnesota Statutes, Sections 469.048 to 469,068, Section 469.084 and Chapter 475, as amended (together, the “Act”), the Port Authority of the City of Saint Paul, Minnesota (the “Port Authority”) is permitted upon authorization by the City Council of the City of Saint Paul, Minnesota (the “City”) to issue tax-exempt or taxable bonds that are general obligation bonds of the City, including bonds to refund, on a current basis or an advance refunding basis; and

WHEREAS, the Port Authority is proposing to issue one or more series of general obligation refunding bonds in an original aggregate amount not to exceed $5,500,000 (the “Series 2019-3 Bonds”) whereby the Port Authority, with the consent of the City, levies a tax and pledges the full faith and credit and unlimited taxing power of the City in order to:  (i) current refund the 2021-2027 maturities of the Port Authority’s General Obligation Bonds, Series 2009-15 (the “Series 2009-15 Bonds”), issued in the original aggregate principal amount of $6,110,000, (ii) advance refund the 2021-2030 maturities of the Port Authority’s Tax-Exempt General Obligation Bonds, Series 2009-16 (the “Series 2009-16 Bonds” and together with the Series 2009-15 Bonds, the “Prior Bonds”), issued in the original aggregate principal amount of $2,055,000, and (iii) pay costs of issuance of the Series 2019-3 Bonds; and

WHEREAS, the proceeds of the Prior Bonds financed a portion of the cost of the purchase and redevelopment of 46 acres of land in the City, now known as the Beacon Bluff Industrial Park; and

WHEREAS, by an Ordinance No. 08-1082 adopted by the City Council on October 28, 2008, and approved by the Mayor (the “Ordinance”), the City, among other things, pledged the full, faith and credit and unlimited taxing power of the City to the...

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