Title
Authorizing issuance of and awarding the sale of General Obligation Various Purpose Bonds, Series 2020A and levying a tax for the Series 2020A 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 (i) the City’s home rule charter (the “City Charter”), (ii) 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 (iii) 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 2020A (the “Series 2020A 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 2020A Bonds will: (i) provide financing for certain capital improvement projects (the “2020 CIB Projects”) identified in the City’s adopted 2020 Capital Improvement Budget and Program (the “2020 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 2020A Bonds; and
WHEREAS, the 2020 CIB adopted and approved by this Council provided for the issuance of the capital improvement budget bonds to fund projects in the 2020 CIB; and
WHEREAS, the portion of the Series 2020A Bonds (including any original issue premium) allocable to the cost of the 2020...
Click here for full text