Title
Resolution Authorizing the Issuance and Sale of Conduit Charter School Lease Revenue Refunding Bonds, Under Minnesota Statutes, Sections 469.152 through 469.1655, for the Twin Cities Academy Project, 690 Birmingham Street and Approving Related Documents; District 1, Ward 7
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) 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 HRA, 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, TCAABC, a Minnesota nonprofit corporation (the “Borrower”), has requested that the HRA issue one or more series of revenue bonds to be designated Charter School Lease Revenue Refunding Bonds (Twin Cities Academy Project), Series 2025 (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of a Loan Agreement between the HRA and the Borrower (the “Loan Agreement”) in order to (i) redeem and prepay the outstanding Charter School Lease Revenue Bonds (Twin Cities Academy Project), Series 2015A, issued by the HRA in the original aggregate principal amount of $15,535,000 which originally financed the acquisition, construction and equipping of an approximately 62,000 square foot, two-story school building located at 690 Birmingham Street in the City of Saint Paul (the “City”) for use as a public charter school facility for grade six through grade twelve (the “School Facility”); (ii) fund a debt service reserve fund, if necessary; (iii) pay a portion of the interest on the Bonds, if nec...
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