Title
Approving the Proposed Issuance of Conduit Charter School Lease Revenue Bonds by the Housing and Redevelopment Authority (the “HRA”) for the Metro Deaf School Project Located at 1125 Energy Park Drive (District 10, Ward 4).
Body
(a) Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the “Act”) confers upon each housing and redevelopment authority of the State of Minnesota, including the HRA, the authority 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
(b) The HRA has been designated, to exercise, on behalf of the City of Saint Paul, Minnesota (the “City”) the powers conferred by Minnesota Statutes, 469.152 through 469.1655, as amended; and
(c) The HRA has received a proposal from 1House2Hands, Inc., a Minnesota nonprofit corporation and 501(c)(3) organization (the “Borrower”), to finance a portion of the project hereinafter described, pursuant to the Act, through the issuance of one or more series of revenue and refunding bonds, in an estimated aggregate principal amount not to exceed $12,500,000 (the “Bonds”); and
(d) The project to be financed by the Bonds, along with a revenue note to be issued by the Port Authority of the City of Saint Paul (the “2025 PASP Note”), is: (i) the refunding or optional redemption of a portion of the HRA’s Charter School Lease Revenue Bonds (Metro Deaf School Project), Series 2018A and Taxable Charter School Lease Revenue Bonds (Metro Deaf School Project), Series 2018B; (ii) financing costs related to improvements to the school facility located at 1125 Energy Park Drive (the “School Facility”) in the City; (iii) paying capitalized interest on the 2025 PASP Note and the Bonds; (iv) if necessary, funding a deposit to the debt service reserve fund; and (v) paying the cost...
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