title
Providing for the issuance of and accepting a proposal on the sale of a General Obligation Variable Rate Street Reconstruction Bond, Series 2019G and taking other required actions with respect thereto.
body
WHEREAS, the Interim Director, Office of Financial Services, has presented to the City Council (the “Council”) of the City of Saint Paul, Minnesota (the “City”), a proposal received for the sale of General Obligation Variable Rate Street Reconstruction Bonds, Series 2019G (the “Series 2019G Bond”), of the City in a direct loan placement with PNC Bank, National Association (the “Purchaser”); and
WHEREAS, on October 17, 2018, the City’s Office of Financial Services published a Request for Quotes (the “RFQ”) for a program to finance construction of a portion of the City’s annual street reconstruction, including the Series 2019G Bond; and
WHEREAS, the RFQ was sent to multiple financial institutions and the City’s Office of Financial Services received six responses and, with the advice of the City’s municipal advisor Baker Tilly Municipal Advisors, LLC selected the Purchaser as the financial institution to work with for the financing related to the Series 2019G Bond; and
WHEREAS, the City will issue the Series 2019G Bond pursuant to the Charter of the City (the “City Charter”) and Minnesota Statutes, Section 475.58, Subd 3b, as amended (the “Street Reconstruction Act”), and Minnesota Statutes 475, as amended (the “Municipal Debt Act” and, collectively with the Street Reconstruction Act, the “Act”); and
WHEREAS, the Street Reconstruction Act requires that prior to issuance of bonds the following requirements are met: (i) a public hearing is held by the Council with the notice required by the Street Reconstruction Act with respect to the issuance of the Series 2019G Bond and a five year street reconstruction plan (the “SRP”) for the City; (ii) approval of the SRP and the Series 2019G Bond by a 2/3 vote of the Council after the public hearing; and (iii) th...
Click here for full text