Title
Resolution authorizing the issuance of conduit lease revenue refunding bonds for Community of Peace Academy under Minnesota Statutes, Sections 469.152 through 469.1655 and approving related documents, District 5, Ward 5
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) 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 HRA, is authorized to issue revenue bonds to finance or refinance, 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, Community of Peace Building Company, a Minnesota nonprofit corporation (the “Borrower”), has represented to the HRA that it is proposing to assist Community of Peace Academy, a public charter school and a Minnesota non-profit corporation (the “School”), to refinance the school facility at 471 Magnolia Avenue East (the “Schoolhouse”) in the City of Saint Paul, Minnesota (the “City”) by refunding the HRA’s Lease Revenue Bonds (Community of Peace Academy Project), Series 2006 (the “Prior Bonds”) which previously financed and refinanced the acquisition, construction, renovation and equipping of the Schoolhouse. The Schoolhouse is owned by the Borrower and leased to and operated by the School; and
WHEREAS, the Borrower has requested that the HRA issue one or more series of revenue bonds to be designated Charter School Lease Revenue Refunding Bonds (Community of Peace Academy Project) (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of a Loan Agreement, dated on or after October 1, 2015, between the HRA and the Borrower (the “Loan Agreemen...
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