Title
Resolution Authorizing the Issuance of Conduit Lease Revenue Refunding Bonds for the Nova Classical Academy Project, 1455 Victoria Way, under Minnesota Statutes, Sections 469.152 through 469.1655 and Approving Release of Reverter and Related Documents District 9, Ward 2
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, Friends of Nova Classical Academy, a Minnesota nonprofit corporation (the “Borrower”), has represented to the HRA that it is proposing to assist Nova Classical Academy, a Minnesota nonprofit corporation and public charter school (the “School”), to refund in whole or in part the HRA’s Lease Revenue Bonds (Nova Classical Academy Project), Series 2011 (the “2011 Bonds”) which previously financed the acquisition, construction and equipping of the public charter school facility located at 1455 Victoria Way (formerly referred to as 1415 Mercer Way) (the “School Facilities”) 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 (Nova Classical Academy 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 Agreement, or an amended and restated Loan Agreement, dated on or after...
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