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Authorizing issuance of and awarding the sale of General Obligation Various Purpose and Refunding Bonds, Series 2021A, and levying a tax for the Series 2021A Bonds.
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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, on October 1, 2010, the City previously issued its (1) Taxable General Obligation Capital Improvement Bonds (Build America Bonds - Direct Pay), Series 2010F (the “Series 2010F Bonds”), in the original aggregate principal amount of $3,700,000 and (2) Taxable General Obligation Capital Improvement Bonds (Recovery Zone Economic Development Bonds - Direct Pay), Series 2010G (the “Series 2010G Bonds”), in the original aggregate principal amount of $7,765,000 in order to provide financing for the construction and equipping of the following facilities: (i) the Como Aquatics Center, (ii) the Highland Pool Renovation, and (iii) the Arlington Recreation Center; and
WHEREAS, the Series 2010F Bonds and the Series 2010G Bonds were issued by the City under the provisions of the CIB Act and the Municipal Debt Act and were issued as taxable “Build America Bonds” and “Recovery Zone Economic Development Bonds” with a semi-annual subsidy payment fr...
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