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Pertaining to the concurrence of the issuance of Water Revenue Notes to finance Phase I of the McCarron’s Treatment Plant Improvement Project.
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WHEREAS, the Board of Water Commissioners of the City of Saint Paul (the “Board”) previously requested that the City of Saint Paul, Minnesota (the “City”) authorize the issuance of one or more Water Revenue Notes by the City in an original aggregate amount not to exceed $15,400,000 (the “2021 Note”), for the purposes of funding the McCarron’s Treatment Plant Improvements Phase I including the (i) design and (ii) pilot testing which includes lime softening, recarbonation, ozone, (peroxide), biological filtration, disinfection, and a pipe loop study (the “2021 Projects”), as improvements to the City’s municipal water utility (the “Water Utility”) operated by the Board; and
WHEREAS, on September 8, 2020, the Board adopted RES 20-1254 requesting that the City issue up to $71,000,000 to fund improvements for the benefit of Saint Paul Regional Water Services (the “Utility”) of which the Series 2021 Note is a portion of the capital plan; and
WHEREAS, on January 15, 2020, the City Council of the City adopted RES 20-62, expressing its intent to reimburse the City up to $10,000,000 from the proceeds of tax-exempt bonds consistent with the request of the Board made to the City pursuant to RES 20-1254; and
WHEREAS, on February 3, 2021, the City Council of the City adopted RES 21-119 expressing its intent to reimburse the City from the proceeds of the 2021 Note consistent with the request of the Board made to the City pursuant to RES 20-1254; and
WHEREAS, on April 7, 2021, the City Council adopted a resolution (the “Note Resolution”) authorizing the issuance of the 2021 Note and the sale of the 2021 Note to the Minnesota Public Facilities Authority (the “PFA”) in order to fund the 2021 Projects; and
WHEREAS, the Note Resolution was adopted by the City Council in the form proposed, and the Note Resolution in the form...
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