Title
Pertaining to the Issuance of Grant Anticipation Notes for Lead Pipe Replacement Projects planned for 2026 or 2027.
Body
RESOLUTION CONCURRING IN A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAINT PAUL PROVIDING FOR THE ISSUANCE OF TWO TAXABLE GRANT ANTICIPATION NOTES IN A COMBINED ORIGINAL AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED 6,990,000
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 a combined original aggregate amount not to exceed $6,990,000 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 (i) a Taxable Grant Anticipation Note, Series 2026A (the “2026 LSLR GAN”) in the original aggregate amount of up to $6,810,000 and (ii) a Taxable Grant Anticipation Note, Series 2026B (the “2026B LSLR GAN” and, together, the “2026 LSLR GAN”) in the original aggregate principal amount of up to $180,000 (in a total aggregate principal amount not to exceed 6,990,000) and the sale of the 2026 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 “2026 LSLR Grant”) at the time of issuance of the 2026 LSLR GAN that will be sufficient to repay...
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