Title
Awarding the sale of General Obligation Public Safety and Refunding Bonds, Series 2011H in order to finance the acquisition of the Griffin Building (police headquarters building) from Ramsey County, Minnesota and refund the outstanding Capital Improvement bonds, Series 2004A Bonds of the City; fixing the form and specifications of the Series 2011H Bonds; directing the execution and delivery of the Series 2011H Bonds; and providing for the payment of levying a tax for the Series 2011H Bonds.
Body
As amended 11/9/11
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 the City Charter, Laws of Minnesota for 1971, Chapter 773, as amended (the “CIB Law”), and the provisions of Minnesota Statutes, Chapter 475, as amended (the “Municipal Debt Act”), to issue general obligation capital notes, bonds or certificates of indebtedness in order to finance and refinance capital improvements in the City if such capital improvements are made in accordance with the requirements of the City Charter; and
WHEREAS, pursuant to Section 475.521 of the Municipal Debt Act (the “Public Safety Act”), the City is authorized to issue general obligation capital improvement plan bonds for purposes of the acquisition of a public safety facility if certain conditions discussed below are met; and
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, dated January 1, 2003, in order to fund (i) the repair, renovation and remodeling of the County-owned Benz Building now called the Griffin Building (the “Public Safety Facility”) for use as a public safety facility for the City to house the City’s Police Headquarters...
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