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Approving the issuance by the City of Mounds View of its Educational Facilities Revenue Note, Series 2023, under Minnesota Statutes, Sections 469.152 through 469.1655, for the High School for the Recording Arts Project at 1166 University Avenue West (District 13, Ward 1).
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RECITALS
(a) The purpose of Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the “Act”), is, among other things, to promote the welfare of the State of Minnesota (the “State”) by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment.
(b) Minnesota Statutes, Section 471.656, as amended, authorizes a municipality to issue obligations to finance the acquisition or improvement of property located outside of the corporate boundaries of such municipality if the governing body of the city in which the property is located consents by resolution to the issuance of such obligations.
(c) HSRA Building Company (the “Borrower”), a Minnesota nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), has proposed that the City of Mounds View, Minnesota (the “Issuer”) issue its Educational Facilities Revenue Note (High School for Recording Arts Project), Series 2023 (the “Note”), under the Act, in a principal amount not to exceed $6,200,000, and loan the proceeds thereof to the Borrower to (i) refund the Charter School Lease Revenue Bonds (High School for Recording Arts Project), Series 2015A issued by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) in the original principal amount of $7,550,000 (the “Series 2015A Bonds”), which financed the acquisition, construction, renovation and equipping of the building and related facilitie...
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