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File #: RES 19-72    Version: 1 Name: Resolution approving the issuance of conduit revenue obligations by the Port Authority of the City of Saint Paul for the benefit of Concordia University, St. Paul or any of its affiliates
Type: Resolution Status: Archived
In control: City Council
Final action: 2/20/2019
Title: Approving the issuance of conduit revenue obligations by the Port Authority for the benefit of Concordia University, St. Paul, or any of its affiliates. (Laid over from January 23 and February 6) (To be withdrawn)
Sponsors: Dai Thao
Attachments: 1. Port Authority Board Memo - Concordia University Bond Issue.pdf, 2. Port Authority Resolution - Concordia Bond Issue.pdf, 3. SPPA Concordia University Project DEED Application.pdf, 4. Dean Freeman email
Title
Approving the issuance of conduit revenue obligations by the Port Authority for the benefit of Concordia University, St. Paul, or any of its affiliates. (Laid over from January 23 and February 6) (To be withdrawn)

Body
WHEREAS, under Minnesota Statutes, Sections 469.048 through 469.068 and 469.084, as amended (the “Port Authority Act”), and Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the “Development Act”), the Port Authority of the City of Saint Paul (the “Port Authority”) is authorized to issue revenue bonds to finance, 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, Concordia University, St. Paul, a Minnesota nonprofit corporation, or any of its affiliates (the “Borrower”), has proposed that the Port Authority issue its conduit revenue obligations, in one or more series, as taxable or tax-exempt obligations (the “Notes”), in an estimated aggregate principal amount not to exceed $5,500,000, for the benefit of the Borrower, for the purposes of (i) financing a portion of the costs of the acquisition of a building located at 393 North Dunlap Street, Saint Paul, Minnesota (the “Project”), to be owned and operated by the Borrower for educational purposes; (ii) funding required reserves, if any; and (iii) paying costs of issuance of the Notes; and

WHEREAS, the Notes are proposed to be issued under the terms of a resolution of the Board of Commissioners of the Port Authority to be considered on January 22, 2019 (the “Note Resolution”) and are proposed to be sold to Bremer Bank, National Association, a national banking association (the “Lender”); and

WHEREAS, the loan of the proceeds of the Notes is proposed to be made by the Port Authority to the Borrower pursuant to the terms of a Loan Agreement (the “Loan Agreement”) between the Port Authority and the Borrower; and

WHEREAS, the Loan Agreement requires t...

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