Title
Resolution Authorizing the Issuance of Conduit Lease Revenue Refunding Bonds for the St. Paul City School Project under Minnesota Statutes, Sections 469.152 through 469.1655 and Approving Related Documents District 7, Ward 1
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, Charter School Property, Inc., a Minnesota nonprofit corporation (the “Borrower”), has represented to the HRA that it is proposing to assist St. Paul City School, a Minnesota nonprofit corporation and public charter school formerly known as New Spirit Schools (the “School”), to refund the HRA’s Lease Revenue Refunding Bonds (New Spirit Schools Project), Series 2002A (the “2002A Bonds”) which previously (a) refinanced and financed the refurbishing of the existing school facility located at 643 Virginia Street and (b) financed the acquisition, construction, renovation, expansion and equipping of the existing school facility located at 260 Edmund Avenue (together, the “Schoolhouse”) in the City of Saint Paul, Minnesota (the “City”) 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 (St. Paul City School Project) (as further defined below, the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of a Loan Agr...
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