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Providing for the issuance of and accepting a proposal on the sale of a General Obligation Capital Note, Series 2023B; and levying a tax for the payment of the Series 2023B Note.
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WHEREAS, the City of Saint Paul, Minnesota, a home rule charter city and political subdivision of the State of Minnesota (the “City”) is authorized by (i) the City’s home rule charter (the “City Charter”) and (ii) 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 Capital Notes Act; and
WHEREAS, the City is proposing to issue its General Obligation Capital Note, Series 2023B (the “Series 2023B Note”), pursuant to the terms of the City Charter, the Municipal Debt Act and the Capital Notes Act; and
WHEREAS, on December 7, 2022 the City Council (the “City Council”) of the City approved its 2023 City Budget including the proposed issuance of the Series 2023B Note; and
WHEREAS, the City Council gave its preliminary approval to the issuance of the Series 2023B Note by adopting RES 23-67 on January 11, 2023 (the “2023 Preliminary Resolution”); and
WHEREAS, the proceeds of the Series 2023B Note will be used by the City, along with certain other available funds, in order to: (i) fund public safety equipment and other capital equipment for use by the City departments identified in the 2023 City Budget (the “Equipment”); and (ii) pay costs of issuance relating to the Series 2023B Note; and
WHEREAS, the Director, Office of Financial Services, has presented to the City Council a proposal received for the sale of the Series 2023B Note in a direct loan placement with Webster Bank, National Association, a national banking association (the “Bank”)...
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