Title
Resolution authorizing the issuance and sale of conduit revenue refunding bonds of the HRA and the City of Minneapolis on behalf of Children’s Health Care and the Execution of Documents, District 9, Ward 2
Body
WHEREAS, this Board of Commissioners (the “Board”), has received a proposal from Children’s Health Care, d/b/a Children’s Hospitals and Clinics of Minnesota (the “Corporation”), that the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), acting jointly with the City of Minneapolis (the “City” and together with the HRA, the “Joint Issuer”), issue its revenue bonds (the “Bonds”) under Minnesota Statutes, Sections 469.152 through 469.165, as amended (the “Act”), in one or more series, for the purposes of financing (a) a portion of the costs of refunding all or a portion of the Joint Issuer’s outstanding Variable Rate Revenue Bonds (Children’s Hospitals and Clinics of Minnesota), Series 2007A and (b) certain costs of issuance of the Bonds (together, the “Refunding”); and
WHEREAS, in connection with the issuance of the Bonds, the City and the HRA will enter into a Joint Powers Agreement (the “Joint Powers Agreement”) pursuant to Minnesota Statutes, Section 471.59, a draft of which is on file with the Executive Director of the HRA and which has been reviewed to the extent deemed necessary.
WHEREAS, the Bonds will be purchased from the Joint Issuer by Old National Bank (the “Purchaser”) at a price equal to the principal amount thereof.
WHEREAS, the HRA, the City, the Corporation and the Purchaser of the Bonds have agreed upon sufficient details of the proposed revenue bonds to enable the HRA to adopt this resolution (the “Resolution”) on this date.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, as follows:
1. Proposal. The Board has received a proposal from the Corporation that the HRA and the City undertake to jointly f...
Click here for full text