Saint Paul logo
File #: RES 23-1046    Version: 1
Type: Resolution Status: Archived
In control: Board of Water Commissioners
Final action: 7/11/2023
Title: Providing for the Issuance of a Water Revenue Note in an original aggregate principal amount not to exceed $25,000,000.
Title
Providing for the Issuance of a Water Revenue Note in an original aggregate principal amount not to exceed $25,000,000.


Body

RESOLUTION CONCURRING IN AN ADOPTED RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAINT PAUL PROVIDING FOR THE ISSUANCE OF A WATER REVENUE NOTE IN AN ORIGINAL AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $25,000,000

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 $25,000,000 (the “2023 PFA Note” or the “2023-1 Note”), to provide financing for (i) certain identified water improvement and rehabilitation projects as set forth in the Water Capital Improvement Plan for the years 2020 through 2026 generally described as McCarron’s Treatment Plant Improvements, including but not limited to financing the construction and equipping of new softening and settling facilities, new chemical handling facilities, new recarbonation facilities, new ozone facilities, and a new laboratory and operations space (the “WTP Modernization Project”), and (ii) costs of issuance of the 2023 Note; and

WHEREAS, the WTP Modernization project is a capital improvement to the City’s municipal water utility operated by Saint Paul Regional Water Services (the “Water Utility”) and operated by the Board; and

WHEREAS, on July 12, 2023, the City Council intends to adopt a supplemental resolution (the “2023 Supplemental Resolution”) authorizing the issuance of the 2023 PFA Note in conformance with the requirements of the General Resolution (as defined below) and the sale of the 2023 PFA Note to the Minnesota Public Facilities Authority (the “PFA”) in order to fund the costs described above in these recitals; and

WHEREAS, in 2021 and 2022 the City previously sold water revenue notes to the PFA in order to fund earlier portions of the WTP Modernization Pr...

Click here for full text
Date NameDistrictOpinionCommentAction
No records to display.