Title
Resolution Authorizing Execution of Amendment to Note (Nativity School Project), District 14, Ward 3
Body
A. WHEREAS, the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "Authority") has heretofore issued its $8,000,000 Educational Facilities Revenue Note, Series 2007 (Nativity School Project) (the "Note") which is held by Premier Bank (the "Lender").
B. WHEREAS, the Note provides for the interest rate thereon to be adjusted every five years with a floor of 3.90% during the term of the Note.
C. WHEREAS, the Lender has agreed to adjust the interest rate on the Note to 3.25% for the five year period beginning May 1, 2012 and ending April 30, 2017.
D. WHEREAS, the Authority desires to execute an amendment to the Note to, among other things, provide for an adjustment of the interest rate to 3.25%.
BE IT RESOLVED By the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota ("Authority") as follows:
1. The Board of Commissioners hereby approves the Amendment No. 1 to $8,000,000 Educational Facilities Revenue Note, Series 2007 (Nativity School Project).
2. The Executive Director of the Authority is hereby authorized and directed to execute, on behalf of the Authority, the Note Amendment, the Certificate of the Authority, any amendment to the Loan Agreement, any loan modification agreement and any other documents and certificates necessary in connection with the amendment of the Note.
3. The approval hereby given to the various documents referred to above includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the Authority officials authorized herein to execute said documents prior to their execution; and said Authority officials are hereby authorized to approve said changes on behalf of the Authority. The execution of any instrument by the appropriate officer or officers of the Authority herein authorized shall be conclusive evidence of the approval of such documents in accordance with the terms hereof. In the absence of the Executive Director, any of the documents authorized by this resolution to be executed may be executed by the Acting Executive Director.
4. The authority to approve, execute and deliver future amendments to financing documents entered into by the Authority in connection with the issuance of the Note is hereby delegated to the Executive Director and Director, Office of Financial Services, subject to the following conditions: (a) such amendments do not require the consent of the holders of the Note or such consent has been provided; (b) such amendments to not materially adversely affect the interests of the Authority; (c) such amendments do not contravene or violate any policy of the Authority; (d) such amendments are acceptable in form and substance to the Saint Paul City Attorney or other counsel retained by the Authority to review such amendments; and (e) the Authority has received an opinion of bond counsel to the effect that the amendments will not adversely affect the tax-exempt character of interest on the Note. The authorization hereby given shall be further construed as authorization for the execution and delivery of such certificates and related items as may be required to demonstrate compliance with the agreements being amended and the terms of this Resolution. The execution of any instrument by the Executive Director or Director, Office of Financial Services shall be conclusive evidence of the approval of such instruments in accordance with the terms hereof. In the absence of the Executive Director or Director, Office of Financial Services, any instrument authorized by this paragraph to be executed and delivered may be executed by the officer of the Authority authorized to act in their place and stead.