Title
Approving the proposed issuance of Conduit Revenue Bonds by the Housing and Redevelopment Authorityfor the Twin Cities Academy Project, 690 Birmingham Street, under Minnesota Statutes, Sections 469.152 through 469.1655 (District 1, Ward 7).
Body
(a) Under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.1655, as amended (the “Act”) each housing and redevelopment authority in the State of Minnesota, including the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (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
(b) The HRA has received a proposal from TCAABC, a Minnesota nonprofit corporation and 501(c)(3) organization (the “Borrower”), that the HRA undertake a project as hereinafter described, pursuant to the Act, through the issuance of taxable and tax-exempt conduit revenue bonds in one or more series in an estimated aggregate principal amount not to exceed $15,000,000 (the “Bonds”); and
(c) The Borrower will use the proceeds of the Bonds to (i) redeem and prepay the outstanding Charter School Lease Revenue Bonds (Twin Cities Academy Project), Series 2015A, issued by the HRA in the original aggregate principal amount of $15,535,000 which originally financed the acquisition, construction and equipping of an approximately 62,000 square foot, two-story school building located at 690 Birmingham Street in the City of Saint Paul (the “City”) for use as a public charter school facility for grade six through grade twelve (the “Facility”); (ii) fund a debt service reserve fund, if necessary; (iii) pay a portion of the interest on the Bonds, if necessary; and (iv) pay a portion of the costs of issuing the Bonds (the “Project”); and
(d) ...
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