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Granting approval to amend prior loan agreements entered into in connection with outstanding water revenue obligations of the City relating to improvements to the City’s municipal water utility system operated by Saint Paul Regional Water Services; and authorizing City staff to take certain actions with respect thereto.
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WHEREAS, pursuant to the authority granted under Special Laws of Minnesota 1881, Chapter 188, as amended by Special Laws of Minnesota 1883, Chapter 75 and Special Laws of Minnesota 1885, Chapter 110, as may be further amended in the future (the “SPRWS Law”) the City was authorized by the Minnesota Legislature to purchase the franchise and property of the St. Paul Water Company, to own and operate a water utility and to create a Board of Water Commissioners (the “Water Board”);
WHEREAS, under the authority granted by the SPRWS Law and the City’s Home Rule Charter, the City owns the municipal water utility system (the “Water Utility”) operated by Saint Paul Regional Water Services (“SPRWS”) the governing body of which is the Water Board; and
WHEREAS, the City has previously issued the following water revenue obligations to finance certain improvements and capital costs of the Water Utility, which obligations are outstanding and payable from Net Revenues of the Water Utility, the City’s: (a) Water Revenue Note, Series 2010A (the “2010A Note”), issued pursuant to a resolution adopted by the City Council of the City (the “City Council”) on June 16, 2010, of which $10,961,000 is currently Outstanding, (b) Water Revenue Note, Series 2010B (the “2010B Note” and together with the 2010A Note, the “2010 Notes”), issued pursuant to a resolution adopted by the City Council on June 16, 2010, of which $2,829,000 is currently Outstanding, (c) Water Revenue Note, Series 2014 (the “2014 Note”), issued pursuant to a resolution adopted by the City Council on June 4, 2014 of which $1,398,000 is currently Outstanding, (d) Water Revenue Note, Series 2016 (...
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