Title
Authorizing the Issuance of Revenue Bonds for Hmong College Prep Academy Project under Minnesota Statutes, Sections 469.152 through 469.1651 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 469.152-469.1651, 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, in whole or in part, the costs of the acquisition, construction, improvement, or extension of projects, comprised of properties, real or personal, used or useful in connection with a revenue producing enterprise, whether or not operated for profit, for the benefit of a contracting party; and
WHEREAS, under the provisions of the Act, the Authority may issue revenue bonds to pay, purchase, or discharge all or any part of the outstanding indebtedness of a contracting party that is primarily engaged in educational activities as an elementary, secondary, or postsecondary school; and
WHEREAS, pursuant to the terms of an Indenture of Trust, dated as of September 1, 2006 (the “Series 2006 Indenture”), between the Authority and Wells Fargo Bank, National Association, as trustee (the “Series 2006 Trustee”), the Authority issued its: (i) Lease Revenue Bonds (Hmong Academy Project) Series 2006A (the “Series 2006A Bonds”), in the original aggregate principal amount of $8,445,000 and currently outstanding in the same amount; and (ii) Taxable Lease Revenue Bonds (Hmong Academy Project) Series 2006B (the “Series 2006B Bonds”), in the original aggregate principal amount of $530,000 and to be paid in full on September 1, 2012; and
WHEREAS, the Authority loaned the proceeds derived from the sale of the Series 2006A Bond...
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