2exceed $600,000,000 in the aggregate, that, in the opinion of the Commissioner, are necessary to provide sufficient funds (net of funds to be applied to certain costs as provided by subdivision2(b) of Minnesota Statutes, Section 16A.965), not to exceed $498,000,000 in amount for achieving the purposes authorized as provided in subdivision 2(a) of Minnesota Statutes, Section16A.965, including, in particular, to pay costs of the Project.
The Bonds are not public debt of the State subject to constitutional limitations on indebtedness,and the full faith, credit, and taxing powers of the State are not pledged to the payment of theBonds or to any payment that the State agrees to make under Minnesota Statutes,Section 16A.965, and this Order. The Bonds shall be payable in each fiscal year only fromamounts that the legislature may appropriate for debt service for any fiscal year, provided thatnothing in Minnesota Statutes, Section
16A.965, (the “Act”) and the Order
shall be construed torequire the State to appropriate funds sufficient to make debt service payments with respect tothe Bonds in any fiscal year.
The State maintains long term ratings on its general obligation bonds which ratings are currently
” by Moody’s, “AA+” by S&P and “AA+” by Fitch.
In addition, the State has long term
ratings on its appropriation bonds which are currently “AA” by S&P and “AA” by Fitch.
Other Financing Team Members
Public Financial Management is serving as the financial advisor for this transaction (the
. Kutak Rock LLP will serve as transaction/bond counsel
. As directed in Section VIII, all questions must be directed only to the FinancialAdvisor.
Form and Content of Proposal
Firms may submit proposals to serve as senior manager for the Bonds, co-manager or anycombination thereof. If proposing only as a co-manager, firms need only complete Sections A,B, D and E. Proposals must address the following items in the following order.
Responses mustbe limited to a maximum of 20 one sided pages in a 12-
point font, not including the firm’s
cover letter, brief resumes and any appendices provided in response to questions B1, C1,C3 and D and E. Efforts should be made to provide clear and concise responses.A.
Firm Background and Staffing
Provide a general description of the firm and its relationship to any parent company.