Title
Providing for the issuance of a water revenue note in an original aggregate principal amount not to exceed $29,000,000.
Body
RESOLUTION CONCURRING IN A 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 $29,000,000
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 $29,000,000 (the “2024 PFA Note” or the “2024-1 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”) as improvements to the City’s municipal water utility (the “Water Utility”) operated by SPRWS, and (ii) costs of issuance of the 2024 PFA 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”) which is governed by the Board; and
WHEREAS, on July 10, 2024, the City Council intends to adopt a supplemental resolution (“Supplemental Resolution No. 2”) authorizing the issuance of the 2024 PFA Note in conformance with the requirements of the General Resolution (as defined below) and the sale of the 2024 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, 2022, and 2023 the City previously ...
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