Title
Resolution authorizing the issuance and sale of conduit charter school lease revenue bonds, under Minnesota Statutes, Sections 469.152 through 469.1655, for the Minnesota Math and Science Academy Charter School Project, 169 Jenks Avenue, and authorizing the execution of documents relating thereto, District 6, Ward 5
Body
WHEREAS,
(a) 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;
(b) 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, in whole or in part, the costs of the acquisition, construction, improvement, or extension of revenue producing enterprises, whether or not operated for profit;
(c) The MMSA Building Company, a Minnesota nonprofit corporation (the “Borrower”), has requested that the HRA issue one or more series of revenue bonds (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of Loan Agreement between the HRA and the Borrower (the “Loan Agreement”) to be used to, (i) finance the acquisition of, and related renovations and improvements to, an approximately 60,525 square foot existing charter school facility (the “Facility”) located at 169 Jenks Avenue, in the City of Saint Paul, Minnesota (the “City”); (ii) fund a debt service reserve fund; (iii) pay the costs of issuing the Bonds; and (iv) pay capitalized interest (the “Project”);
(d) The Project will be owned by the Borrower and leased to and operated by the Minnesota Math and Science Academy (the “School”);
(e) The Bonds proposed to be issued by the HRA to...
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