Title
Approving the District Energy Subordination Agreement and consenting to the issuance by the Saint Paul Port Authority of additional bonds for District Energy.
Body
WHEREAS:
A. The City of Saint Paul, was awarded an Urban Development Action Grant (No. B-81-AA-0028, the "UDAG") for the purposes of the District Energy System (the "District Energy System") owned and operated by District Energy St. Paul, Inc. (f/k/a District Heating Development Company, d/b/a District Energy St. Paul, Inc.) ("District Energy"); and
B. In connection with the development of the District Energy System, the City made a loan to District Energy from the proceeds of the UDAG pursuant to a City Loan Agreement dated as of December 1, 1982 as amended from time to time, including amendments dated as of December 1, 1985, August 5, 1988, and July 1, 1997 and a Global Amendment to District Energy Documents and Supplemental Mortgage dated as of December 1, 2007 (the "Global Amendment") (collectively, the "City District Energy Loan Agreement"), and the City District Energy Loan Agreement also provided for loans to District Energy by the City of Community Development Block Grant and tax increment funds, all of which loans, and the obligations of District Energy under the City District Energy Loan Agreement, are secured by a City Mortgage, Fixture Financing Statement and Security Agreement dated as of December 1, 1982, from time to time, including amendments dated December 1, 1985 and the Global Amendment (collectively, the "District Energy City Mortgage"); and
C. The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") has previously issued its Variable Rate Demand Purchase District Heating Revenue Bonds in 1982, 1985, 1997 and 1999 for the purpose of financing the District Energy System all of which revenue bonds have since been repaid; and
D. The Port Authority of the City of Saint Paul (the "Port Auth...
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