Title
Resolution approving a temporary policy regarding the issuance of conduit revenue bonds for the benefit of Charter School Projects, Citywide
...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 conduit 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, IRS Code requires an applicable elected representative of the governmental unit in which a project is located to approve the issuance of an obligation following a public hearing; and
WHEREAS, on August 26, 2020, the Board of Commissioners of the HRA (the “HRA Board”) discussed a proposal from a charter school for the issuance of conduit revenue bonds. During this discussion, HRA Board members made various requests for information from City staff before another charter school proposal for the issuance of conduit revenue bonds can be brought forward; and
WHEREAS, HRA staff have received several inquiries from charter schools that may be planning to request the issuance of conduit revenue bonds; and
WHEREAS, on September 9, 2020, the HRA Board considered RES 20-1263 impacting charter school bond issuances, and laid over this resolution until October 14, 2020; and
WHEREAS, on October 14, 2020, the HRA Board decided on a scope of study regarding conduit bonds and laid over RES 20-1263 until March 10, 2021; and
WHEREAS, the results of the study were presented to the HRA Board on March 10, 2021; and
WHEREAS, the HRA Board received public comments pertaining to conduit reven...
Click here for full text