Title
Approving the issuance of conduit revenue obligations by the Port Authority of the City of Saint Paul for the benefit of Hmong College Prep Academy Project, 1515 Brewster Street, and approving related documents. (District 10, Ward 4)
Body
WHEREAS, under Minnesota Statutes, Sections 469.048 through 469.068 and 469.084, as amended (the “Port Authority Act”), and Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the “Development Act”), the Port Authority of the City of Saint Paul (the “PASP”) is authorized to issue revenue bonds to finance, in whole or in part, the costs of the acquisition, construction, improvement, or extension of revenue producing enterprises, whether or not operated for profit; and
WHEREAS, Hmong Education Reform Company, a Minnesota nonprofit corporation (the “Borrower”) has requested that the PASP issue a revenue note to be designated Charter School Lease Revenue Note (Hmong College Prep Academy Project), Series 2020-2 in an original aggregate principal amount not to exceed $7,000,000 (the “2020 Note”) and loan the proceeds derived from the sale of the 2020 Note to the Borrower, pursuant to the terms of a Loan Agreement dated on or after September 1, 2020 (the “Loan Agreement”), between the PASP and the Borrower to be used, together with funds held by the bond trustee for the Series 2012A Bonds (as defined below) and Hmong College Prep Academy, a Minnesota nonprofit corporation and public charter school (the “School”) and proceeds of revenue bond to be issued by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), to: (i) finance costs related to the acquisition, construction and equipping of a new approximately 93,000 square foot middle school with approximately 45 classrooms, a new gym, robotics suite, offices, and other support areas on 3 floors and remodeling of an approximately 13,500 square foot portion of the existing school facility and an approximately 3,000 square foot ...
Click here for full text