Title
Granting preliminary approval for the issuance of certain general obligation bonds to acquire the Griffin Building (the police headquarters) from Ramsey County, Minnesota and to refund the outstanding capital improvement bonds, series 2004a bonds of the city, and approving a Special Purpose Capital Improvements Plan with respect to the acquisition of the Griffin Building.
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WHEREAS, the County of Ramsey, Minnesota (the "County") previously issued its Public Facility Lease Revenue Bonds (City of Saint Paul, Minnesota Lease Obligations), Series 2003A (the "Series 2003A Bonds") in the original aggregate principal amount of $13,845,000 and currently outstanding in the principal amount of $10,235,000 in order to fund (i) the repair, renovation and remodeling of the County-owned Benz Building now called the Griffin Building for use as a public safety facility for the City to house the City's Police Headquarters (the "Public Safety Project"), (ii) a debt service reserve fund for the Series 2003A Bonds, and (iii) certain related financing costs of the Series 2003A Bonds; and
WHEREAS, the City currently rents the Public Safety Project from the County pursuant to an Amended and Restated Lease Agreement, dated December 16, 2002 (the "Lease") and makes semi-annual rent payments sufficient to pay debt service on the Series 2003A Bonds and other certain payments required under the terms of the Lease; and
WHEREAS, the outstanding Series 2003A Bonds are callable for redemption on January 1, 2012 without a premium; and
WHEREAS, the City's outstanding Capital Improvement Bonds, Series 2004A (the "Series 2004A Bonds") were issued by the City in the original aggregate principal amount of $19,000,000 and are currently outstanding in the principal amount of $4,580,000; and
WHEREAS, the Series 2004A Bonds were issued to fund certain capital improvement projects contained in the City's approved Capital Improvement Budget for the years 2004 through 2008; and
WHEREAS...
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