Title
Resolution authorizing the issuance of lease revenue refunding bonds for Higher Ground 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 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, Higher Ground Building Company, a Minnesota nonprofit corporation (the “Borrower”), has represented to the Authority that it is proposing to assist Higher Ground Academy, an operating public charter school (the “School”), which is authorized by Concordia University, a Minnesota non-profit corporation to finance a “Project” consisting of: (i) refunding the Authority’s Lease Revenue Bonds (Higher Ground Academy Project), Series 2004 (the “Series 2004 Bonds”) which previously financed the existing school facility located at 1381 Marshall Avenue (the “Schoolhouse”) in the City of Saint Paul, Minnesota (the “City”) which is operated by the School; (ii) refunding the Authority’s Lease Revenue Bonds (Higher Ground Academy Project), Series 2009 (the “Series 2009 Bonds” and together with the Series 2004 Bonds the “Prior Bonds”) which previously financed the Schoolhouse; and (iii) acquiring and installing in the Schoolhouse equipment for two Science, Technology, Engineering and Mathematics laboratories; and
WHEREAS, the Borrower has requested that the Authority issue one or more series of revenue bonds to be designa...
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