Title
Providing for the issuance of a grant anticipation note in an original aggregate principal amount not to exceed $7,500,000.
Body
RESOLUTION CONCURRING IN A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAINT PAUL PROVIDING FOR THE ISSUANCE OF A TAXABLE GRANT ANTICIPATION NOTE IN AN ORIGINAL AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $7,500,000
WHEREAS, Saint Paul Regional Water Services (the “Utility” or “SPRWS”) provides safe drinking water to the residents of the City of Saint Paul, Minnesota (the “City”) and the surrounding municipalities; and
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 grant anticipation notes by the City in an original aggregate amount not to exceed $7,500,000 to (i) provide funding for the planning, design, inspection, project implementation, and construction costs that are not funded by one or more grants from the State of Minnesota (the “State”) for the lead pipe replacement program (the “LSLR Project”) in the City which will be implemented in phases, and (ii) costs of issuance; and
WHEREAS, the City Council intends to adopt a resolution (the “LSLR Authorizing Resolution”) authorizing the issuance of a Taxable Grant Anticipation Note, Series 2024 (the “2024 LSLR GAN”) in an original aggregate principal amount not to exceed $7,500,000 and the sale of the 2024 LSLR GAN to the Minnesota Public Facilities Authority (the “PFA”) in order to fund the costs described above in these recitals; and
WHEREAS, the PFA will provide a grant to the City and SPRWS (the “2024 LSLR Grant”) at the time of issuance of the 2024 LSLR GAN that will be sufficient to repay the full amount of the 2024 LSLR GAN if SPRWS and the City comply with the requirements of the 2024 LSLR Grant; and
WHEREAS, the LSLR Authorizing Resolution is to be adopted by the City Council in the form proposed and in the form to be a...
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