Title
Resolution Authorizing the Issuance of Conduit Lease Revenue Refunding Bonds for HOPE Community Academy under Minnesota Statutes, Sections 469.152 through 469.1655 and Approving Related Documents.
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "Authority") is duly organized and existing under the Constitution and laws of the State of Minnesota; and
WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.1655, as amended (the "Act"), each housing and redevelopment authority of the State of Minnesota, including the Authority, is authorized to issue revenue bonds to finance or refinance, 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, HCA Building Company, a Minnesota nonprofit corporation (the "Borrower"), has represented to the Authority that it is proposing to assist HOPE Community Academy, a public charter school and a Minnesota non-profit corporation (the "School"), to finance a "Project" consisting of: (i) refunding the Authority's Lease Revenue Bonds (HOPE Community Academy Project), Series 2004 (the "Series 2004 Bonds") which previously financed the acquisition of the existing school facility at 720 Payne Avenue (the "Schoolhouse") in the City of Saint Paul, Minnesota (the "City") which is operated by the School; and (ii) refunding the Authority's Lease Revenue Bonds (HOPE Community Academy Project), Series 2005 (the "Series 2005 Bonds" and, together with the Series 2004 Bonds, the "Prior Bonds") which previously financed improvements to the Schoolhouse; and
WHEREAS, the Borrower has requested that the Authority issue one or more series of revenue bonds to be designated Lease Revenue Refunding Bonds (HOPE Community Academy Project) (the "Bonds") and loan the proceeds derived from the sale of the Bonds to the Borrower, pursua...
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