Title
Resolution Authorizing Execution of Amendment to Note (Nativity School Project), District 14, Ward 3
Body
A. WHEREAS, the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "Authority") has heretofore issued its $8,000,000 Educational Facilities Revenue Note, Series 2007 (Nativity School Project) (the "Note") which is held by Premier Bank (the "Lender").
B. WHEREAS, the Note provides for the interest rate thereon to be adjusted every five years with a floor of 3.90% during the term of the Note.
C. WHEREAS, the Lender has agreed to adjust the interest rate on the Note to 3.25% for the five year period beginning May 1, 2012 and ending April 30, 2017.
D. WHEREAS, the Authority desires to execute an amendment to the Note to, among other things, provide for an adjustment of the interest rate to 3.25%.
BE IT RESOLVED By the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota ("Authority") as follows:
1. The Board of Commissioners hereby approves the Amendment No. 1 to $8,000,000 Educational Facilities Revenue Note, Series 2007 (Nativity School Project).
2. The Executive Director of the Authority is hereby authorized and directed to execute, on behalf of the Authority, the Note Amendment, the Certificate of the Authority, any amendment to the Loan Agreement, any loan modification agreement and any other documents and certificates necessary in connection with the amendment of the Note.
3. The approval hereby given to the various documents referred to above includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the Authority officials authorized herein to execute said documents prior to their execution; and said Authority officials are hereby aut...
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