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Approving the issuance of approximately $1,372,000 of conduit tax-exempt notes for the Minnesota Safety Council, Inc.
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WHEREAS:
1. The Port Authority of the City of Saint Paul (the “Port Authority”) has given its approval to the issuance of its revenue note (The Minnesota Safety Council Project) (the “Note”) in the aggregate principal amount not to exceed $1,400,000. The proceeds of the Note will be loaned to Minnesota Safety Council, a Minnesota 501(c)(3) corporation (the “Borrower”) to finance the expansion of its facility located at 474 Concordia Ave. in the City of Saint Paul, Minnesota and to refinance its current Bremer Bank real estate mortgage secured by that facility (the “Project”).
2. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds authorized by the Port Authority shall be issued only with the consent of the City Council of the City of Saint Paul, by resolution adopted in accordance with law.
3. Approval of the issuance of the proposed Note by the City Council is also required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”).
4. To meet the requirements of both state and federal law, the Port Authority has conducted the public hearing required by Section 147(f) of the Code and requested that the City Council give its approval to the issuance of the proposed Note by the Port Authority, subject to final approval of the details of said Note by the Port Authority.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Saint Paul that in accordance with the requirements of Section 147(f) of the Code, and in accordance with Laws of Minnesota 1976, Chapter 234, the City Council hereby approves the issuance of the aforesaid Note by the Port Authority for the purposes described in the Port Authority resolution adopted April 23, 2013, the exact details of which, including but not limited to, provisions relating to principal amount, maturities, interest rates, prepayment and the i...
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