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Granting the Port Authority authority to issue general obligation bonds to which the full faith, credit, and resources of the City are pledged pursuant to the provisions hereof and by authority of said Minnesota Statutes, Chapters 469 and 475, as amended.
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WHEREAS, the City of Saint Paul (the “City”) has requested that the Port Authority of the City of Saint Paul (the “Port Authority”) work with the City on the City’s program to remove and replace approximately 13,000 ash trees that have been adversely affected by the Emerald Ash Borer (“EAB”) located on City boulevards, public right of way, and other City land (the “EAB Project”); and
WHEREAS, the EAB infestation in the City’s ash trees and removal of such infected trees has caused blight and marginalization on City boulevards, public right of way, and other City land within the meaning of Minnesota Statutes, Section 469.048, Subd. 5; and
WHEREAS, the City has requested that the Port Authority issue up to $18,000,000 of general obligation bonds (the “EAB Bonds”) solely for use to fund the costs of the EAB Project; and
WHEREAS, the EAB Bonds may be issued in one or more tax-exempt and/or taxable series, with the pledge of the full faith, credit and resources of the City to the payment of such EAB Bonds all pursuant to Minnesota Statutes, Section 469.060, as amended; and
WHEREAS, the proceeds of the EAB Bonds will be used by the Port Authority to pay for or reimburse the City or the Port Authority for the costs of the EAB Project which include but may not be limited to: the costs of the design and implementation of the EAB Project; the removal of trees that have been adversely affected by EAB; the acquisition and installation of trees; the acquisition of equipment for the EAB Project; other related EAB Project costs intended to remedy the blight and marginalization identified above; and pay for the costs of issuance of the EAB Bonds; and
WHEREAS, the City Council of the City, being duly advised in the ...
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