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Providing for the issuance of and accepting a proposal on the sale of General Obligation Street Reconstruction Bonds, Series 2024B; and levying a tax for the payment of the Series 2024B Bonds.
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WHEREAS, the Director, Office of Financial Services, has presented to the Council proposals received for the sale of General Obligation Street Reconstruction Bonds, Series 2024B (the “Series 2024B Bonds”), of the City of Saint Paul, Minnesota (the “City”); and
WHEREAS, the proposals set forth on EXHIBIT C attached hereto were received pursuant to the Terms of Proposal at the offices of Baker Tilly Municipal Advisors, LLC (“Baker Tilly MA”), Municipal Advisor to the City, on the date hereof; and
WHEREAS, the Director, Office of Financial Services, has advised this Council that the proposal of the Purchaser (as defined herein) was found to be the most advantageous and has recommended that said proposal be accepted; and
WHEREAS, the City Council gave its preliminary approval to the issuance of the Series 2024B Bonds by adopting RES 24-29 on January 17, 2024; and
WHEREAS, the City will issue the Series 2024B Bonds pursuant to the Charter of the City (the “City Charter”) and Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act” or “Act”), including specifically Section 475.58 Subd. 3b; and
WHEREAS, on December 6, 2023, the Council held a public hearing (the “Public Hearing”) with respect to the City’s 2024-2028 Street Reconstruction Plan (the “SRP”) and after the Public Hearing adopted RES PH 23-354 approving the SRP; and
WHEREAS, pursuant to its City Charter and not Minnesota Statutes, Section 429, the City previously specially assessed the cost of the improvements comprising the 2024 Street Projects (defined below) against properties specially benefitted by the 2024 Street Projects, with any excess to be used for any other purpose permitted by law and such special assessments are not specifically pledged to the payment of the Series 2024B B...
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