Title
Resolution consenting to the issuance of conduit revenue refunding bonds by the Port Authority of the City of Saint Paul for District Energy St. Paul, Inc. to refund certain prior District Energy Bonds previously issued by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota and authorizing the execution and delivery of an amended and restated joint powers agreement, District 17, Ward 2
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, on October 21, 2013, the HRA issued its (i) District Heating Revenue Bond, Series 2013C (501(c)(3)) (“Heating 2013C Bonds”), in the original aggregate principal amount of $5,230,000, and (ii) District Cooling Revenue Bond, Series 2013C (501(c)(3)) (“Cooling 2013C Bonds” and, together with the Heating 2013C Bonds, the “Prior District Energy Bonds”), in the original aggregate principal amount of $4,770,000, the proceeds of which were originally loaned to District Energy St. Paul, Inc., a Minnesota nonprofit corporation (the “Corporation”) or a predecessor thereof in order to finance or refinance the cost of the acquisition, construction, reconstruction, improvement, betterment or extension of the properties utilized by the Corporation or its affiliates with respect to the operation of district heating and cooling systems (the “Systems”) serving buildings and facilities in the City of Saint Paul, Minnesota...
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