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A resolution authorizing issuance of and awarding the sale of General Obligation Capital Improvement Bonds, Series 2023D and levying a tax for the Series 2023D Bonds
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WHEREAS, the City of Saint Paul, Minnesota, a home rule charter city and a political subdivision of the State of Minnesota (the “City”), is authorized by (i) the City’s home rule charter (the “City Charter”), (ii) Laws of Minnesota for 1971, Chapter 773, as amended (the “CIB Act”) to issue General Obligation Capital Improvement Bonds of the City in order to finance approved capital improvement budget projects; 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 CIB Act; and
WHEREAS, the City is proposing to issue its General Obligation Capital Improvement Bonds, Series 2023D (the “Series 2023D Bonds”), pursuant to the terms of the City Charter, the CIB Act, and the Municipal Debt Act; and
WHEREAS, the proceeds of the Series 2023D Bonds will be used by the City, along with certain other available funds, in order to:
(i) provide financing for certain capital improvement projects (the “CIB Projects”) identified in the City’s adopted Capital Improvement Budget for the years 2023 through 2027 (the “CIB”); and
(ii) pay costs of issuance relating to the Series 2023D Bonds.
WHEREAS, the CIB adopted and approved by this Council provided for the issuance of capital improvement bonds to fund projects in the CIB, which was adopted and approved by this Council, and not all of such authorized bonds have been issued prior to the date of this resolution; and
WHEREAS, the City Council gave its preliminary approval to the issuance of the Series 2023D Bonds by adopting RES 23-67 on January 13, 2023; and
WHEREAS, pursuant to Minnesota Statutes, Section 475.60, Subdivision 2(9), public sale requirements do not apply to the Series 2023D Bonds, because the City has...
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