Title
Resolution Authorizing the Issuance of Conduit Lease Revenue Refunding Bonds for the Hmong College Prep Academy Charter School Project, 1515 Brewster Street, under Minnesota Statutes, Sections 469.152 through 469.1655 and Approving Related Documents District 10, Ward 4
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, Hmong Education Reform Company, a Minnesota nonprofit corporation (the “Borrower”), has represented to the HRA that it is proposing to assist Hmong College Prep Academy, a Minnesota nonprofit corporation and public charter school (the “School”), with a project consisting of some or all of the following (collectively, the “Project”): (i) a current refunding in whole or in part of the HRA’s Lease Revenue Bonds (Hmong Academy Project), Series 2006A (the “Series 2006 Bonds”) which previously financed the acquisition, renovation, and equipping of an approximately 72,000 square-foot existing public school building and related facilities, located at 1515 Brewster Street (the “School Facility”) in the City of Saint Paul, Minnesota (the “City”) which is leased to and operated by the School; (ii) an advance refunding in whole or in part of the HRA’s Lease Revenue Bonds (Hmong Education Reform Company), Series 2012A and Series 2012B (the “Series 2012 Bonds”) which previously financed or refinanced the renovation of the then-existing School Facility a...
Click here for full text