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Approving the host issuance by the City of Maplewood of its Charter School Lease Revenue Notes, Series 2023 (under Minnesota Statutes, Sections 469.152 through 469.1655), approving a Bond Compliance and Fee Agreement, and authorizing the execution of documents relating thereto, all for the Achieve Language Academy Project at 2169 Stillwater Avenue West (District 5, Ward 6).
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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) Achieve Language Academy 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 Maplewood, Minnesota (the “Issuer”) issue its Charter School Lease Revenue Notes (Achieve Language Academy Project), Series 2023, in one or more series, under the Act, in a principal amount not to exceed $9,254,315 (the “Notes”), and loan the proceeds thereof to the Borrower to (i) refund the Tax-Exempt Revenue Note (Achieve Language Academy Project), Series 2013-5 (the “Series 2013-5 Note”), previously issued by the Port Authority of the City of Saint Paul, Minnesota (the “Port Authority”) in the original principal amoun...
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