Title
Resolution Giving Preliminary Approval to the Proposed Issuance of Conduit Revenue Bonds for the District Heating Project under Minnesota Statutes, Sections 469.152 through 469.1655
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “Authority”) is duly organized and existing under the Constitution and laws of the State of Minnesota; and
WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.1655, as amended (the “Act”), each housing and redevelopment authority of the State of Minnesota, including the Authority, is authorized to issue revenue bonds to finance, 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
WHEREAS, District Energy St. Paul, Inc., f/k/a District Heating Development Company, a Minnesota nonprofit corporation (the “Borrower”), has requested that the Authority issue one or more series of revenue bonds (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of a Loan Agreement between the Authority and the Borrower (the “Loan Agreement”) to finance costs related to: (i) refunding certain district heating revenue bonds previously issued by the Port Authority of the City of Saint Paul (the “Port Authority”) on behalf of the Borrower and certain other indebtedness incurred by the Borrower primarily to finance its district heating distribution system and its heating plants located at 76 West Kellogg Boulevard in the City of Saint Paul, Minnesota (the “City”); (ii) financing improvements to such heating distribution system, heating plants and equipment in leased facilities connected to such heating distribution system, and fund other capital expenditures; (iii) paying a portion of the interest on the Bonds; (iv) fund certain reserve accounts; and (v) paying a portion of the costs...
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