Title
Resolution Authorizing the Issuance and Sale of Conduit Charter School Lease Revenue and Refunding Bonds, Under Minnesota Statutes, Sections 469.152 through 469.1655, for the Nova Classical Academy Project, 1455 Victoria Way and Approving Related Documents; District 9, Ward 3
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, Friends of Nova Classical Academy, 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 and Refunding Bonds (Nova Classical 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 Third Amended and Restated Loan Agreement between the HRA and the Borrower (the “Loan Agreement”) in order to (i) redeem and repay a portion of its Charter School Lease Revenue Bonds (Nova Classical Academy Project), Series 2016A (the “Series 2016A Bonds”) originally issued in the aggregate principal amount of $16,830,000, the proceeds of which (a) financed the acquisition of two parcels of land bounded by Madson Street, Victoria Way and Kay Avenue in the City of Saint Paul, Minnesota (the “City”) and the construction and equipping of capital improvements to the land and to the original schoolhouse located at 1455 Victoria Way in the City (as improved...
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