Title
Resolution Consenting to the Issuance by the City of Mendota, Minnesota of a Capital Campaign Bridge Financing Note and by the Cities of Little Canada, Minnesota and Falcon Heights, Minnesota of Educational Facilities Revenue Refunding Notes on Behalf of Saint Paul Academy and Summit School, 1712 Randolph Avenue, District 15, Ward 3.
Body
WHEREAS, Saint Paul Academy and Summit School, a Minnesota nonprofit corporation (the "Borrower"), desires to provide capital campaign bridge financing related to the acquisition, construction and equipping of a math and science center located at Randolph and Davern and to refinance the acquisition, construction, and improvement of certain of the Borrower's educational facilities, including those located at Dunlap and Goodrich Avenues and Randolph and Davern in Saint Paul, Minnesota (the "Project"); and
WHEREAS, Bremer Bank, National Association ("Bank") has agreed to finance the Project through purchase of tax exempt notes in the approximate aggregate principal amount of $25,000,000 (the "Notes") issued pursuant to Minnesota Statutes, Sections 469.152 through 469.165, as amended; and
WHEREAS, the commitment of the Bank to buy the Notes is conditioned upon each being designated by the issuer as a "qualified tax-exempt obligation" ("bank qualified") under Section 265(b) of the Internal Revenue Code of 1986, as amended (the "Code"); and
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul (the "HRA") is not able to issue bank qualified obligations for this Project because it expects to issue more than $10,000,000 in obligations for use by other nonprofit organizations or for its own corporate use in calendar year 2017; and
WHEREAS, the City of Mendota ("Mendota"), a community of approximately 200 residents is adjacent to the City of Saint Paul, Minnesota (the "City") and many of Mendota's residents use services, including educational services, in the City; and
WHEREAS, Mendota is willi...
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