Title
Resolution authorizing the issuance and sale of conduit charter school lease revenue refunding bonds, under Minnesota Statutes, Sections 469.152 through 469.1655, for the Nova Classical Academy Project, 1455 Victoria Way and approving related documents; District 9, 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, Friends of Nova Classical Academy, a Minnesota nonprofit corporation (the “Borrower”), has requested that the HRA issue one or more series of revenue bonds to be designated the Charter School Lease Revenue Bonds (Nova Classical Academy Project) Series 2021 (the “Bonds”) and loan the proceeds derived from the sale of the Bonds to the Borrower, pursuant to the terms of a Second Amended and Restated Loan Agreement between the HRA and the Borrower (the “Loan Agreement”) to be used, together with funds held by the bond trustee for the Series 2011A Bonds (as defined below) and Nova Classical Academy, a Minnesota nonprofit corporation and public charter school (the “School”), to (i) refund the HRA’s Charter School Lease Revenue Bonds (Nova Classical Academy Project) Series 2011A (the “Series 2011A Bonds”), the proceeds of which financed the acquisition, construction and equipping of the public charter school facility located at 1455 Victoria Way (formerly referred to as 1415 Mercer Way) in the City of Saint Paul, Minnesota (the “School Fac...
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