Title
Resolution Providing for the Transfer to the City of Saint Paul of the Portion of the Jimmy Lee Recreation Center, Financed by the Recreational Facility Lease Revenue Bonds, Series 2008 (Jimmy Lee Recreational Center) Previously Issued by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, the Defeasance of Such Bonds and Approving the Execution and Delivery of any Necessary Documents, District 8, Ward 1
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes Sections 469.001 to 469.047, et seq. (the “Act”); and
WHEREAS, in 2008 the HRA issued its Recreational Facility Lease Revenue Bonds, Series 2008 Jimmy Lee Recreational Center (the “Series 2008 Bonds”), in the original aggregate principal amount of $7,685,000 with a final maturity date of December 1, 2032, pursuant to an Indenture of Trust, dated as of July 1, 2008 (the “Indenture”), between the HRA and U.S. Bank National Association, as trustee; and
WHEREAS, the proceeds of the Series 2008 Bonds were applied by the HRA to (i) finance the acquisition by the HRA of an undivided 42.5% interest (the “2008 Project”) of the Jimmy Lee Recreation Center (the “Jimmy Lee Recreation Center”) located at the intersection of Lexington Avenue and Marshall Avenue immediately south of Interstate 94; (ii) fund the reserve fund for the Series 2008 Bonds; and (iii) pay costs of issuance of the Series 2008 Bonds; and
WHEREAS, the Series 2008 Bonds are special, limited obligations of the HRA payable solely from the revenues pledged under the Indenture and such revenues are derived from payments to be made by the City of Saint Paul, a municipal corporation and political subdivision of the State of Minnesota (the “City”), pursuant to the terms of a Lease Agreement, dated as of July 1, 2008 (the “Lease”), between the HRA and the City; and
WHEREAS, ...
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