Title
Approving the issuance of an approximately $5,560,000 conduit tax-exempt note for the Achieve Language Academy Building Company.
Body
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 (Achieve Language Academy Project) (the "Note") in the aggregate principal amount not to exceed $6,000,000. The proceeds of the Note will be loaned to Achieve Language Academy Building Company, a 501(c)(3) corporation (the "Borrower") to refund revenue bonds previously issued by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, to refinance existing Western Bank debt, to finance renovations to the Borrower's facility located at 2169 Stillwater Avenue in the City of Saint Paul, Minnesota, and to pay costs of issuance (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 Novem...
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