Title
Resolution Authorizing Execution of Amendments to Documents with Respect to a Financing for the Benefit of Community of Peace Academy
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “Authority”) has previously issued its Lease Revenue Bonds (Community of Peace Academy Project) Series 2006 in the principal amount of $17,245,000 (the “Bonds”) to finance and refinance the construction and subsequent renovation of a public schoolhouse located at 471 Magnolia Avenue East in the City of Saint Paul (the “Project”);
WHEREAS, proceeds of the Bonds were loaned to the Community of Peace Building Company (the “Company”) pursuant to a Loan Agreement, dated as of November 1, 2006 (the “Loan Agreement”), between the Authority and the Company, to finance the Project, and the Project was leased to Community of Peace Academy (the “School”) pursuant to an Amended and Restated Lease Agreement, dated as of November 1, 2006, as amended (the “Lease”), between the Company and the School;
WHEREAS, as additional security for the payment of Lease Payments under the Lease, the School pledged certain of its revenues to the Trustee pursuant to a Pledge and Covenant Agreement dated as of November 1, 2006 (the “Pledge Agreement”), between the School and the Trustee;
WHEREAS, the Bonds were issued pursuant to an Indenture of Trust (the “Indenture”) dated as of November 1, 2006, between the Authority and Wells Fargo Bank, National Association, as Trustee (the “Trustee”), under which the Authority and the Trustee have authority, pursuant to Section 12.02 of the Indenture, to consent to an amendment to various agreements executed in connection with the issuance of the Bonds, including the Loan Agreement and the Pledge Agreement, upon receiving the consent of at least two-thirds of the holders of the outstanding principal amount of the Bonds;
WHEREAS, the Project was also financed in part by a loan in the original principal amount of $7...
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