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Granting authority to the Port Authority to issue and sell general obligation bonds to which the Port Authority pledges the full faith, credit, and resources of the City pursuant to the provisions and by authority of said Minnesota Statutes, Chapters 469 and 475, as amended.
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WHEREAS, the Port Authority of the City of Saint Paul (the “Port Authority”) has advised the City of Saint Paul (the “City”) of its belief that there are blighted and marginal properties within the meaning of Minnesota Statutes, Section 469.048, Subd. 5, within the boundaries of the City and has asked the City to authorize the issuance and sale, by the Port Authority, of its general obligation bonds in an original aggregate principal amount not to exceed $15,000,000 (the “Bonds”) in two or more series of taxable and tax-exempt bonds, and for the pledge of the full faith, credit and resources of the City to the payment of such Bonds all pursuant to Minnesota Statutes, Section 469.060; and
WHEREAS, the Project to be financed with proceeds of the Bonds is the following uses: (i) the payment of the acquisition of land within the borders of the City that is marginal and blighted property (the “Property”); (ii) the preparation of such Property such that the Property is suitable and attractive for development, and the payment of costs incurred in connection with such acquisition and necessary action for such Property; (iii) paying for other purposes set forth in Minnesota Statutes, Sections 469.048 to 469.068, as amended (the “Port Authority Act”); (iv) the payment of the cost of public infrastructure improvements including but not limited to sewer (sanitary and stormwater) improvements, water improvements, roads, sidewalk, curb and gutter improvements, and green infrastructure at the Property or other property owned by the Port Authority for redevelopment; and (v) funding any necessary interest, if any, and costs of issuance of the Bonds (collectively, the “Project”); and
WHEREAS, co...
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