Title
Approving the issuance of conduit revenue bonds by the Port Authority of the City for the benefit of MOA WP Owner, LLC.
Body
WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.1655, as amended (the "Act"), the Port Authority of the City of Saint Paul (the "Port Authority") 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, MOA WP Owner, LLC (the "Borrower"), a limited liability company organized under the laws of the State of Delaware, has applied to the Port Authority for a loan in order to (a) finance the leasing, construction and equipping of a water park and related facilities located in the City of Bloomington, in the County of Hennepin, State of Minnesota (the "Project Facilities"), (b) fund certain initial operating expenses of the Project Facilities, (c) fund certain reserve funds, (d) fund capitalized interest, and (e) pay certain costs related to the sale, issuance and delivery of the Series 2022 Bonds referred to below (collectively, the "Water Park Project"); and
WHEREAS, on July 26, 2022, the Port Authority is expected to adopt a resolution in accordance with the Act authorizing the issuance of its Senior Lien Project Bonds (Mall of America, Mystery Cove Waterpark Project), Series 2022A (Taxable) and Subordinate Lien Project Bonds (Mall of America, Mystery Cove Waterpark Project), Series 2022B (Taxable) (collectively, the "Series 2022 Bonds") in an aggregate principal amount not to exceed $445,000,000; and
WHEREAS, the Series 2022 Bonds are proposed to be issued under the terms of a Trust Indenture, dated on or after July 1, 2022 (the "Indenture"), by and between the Port Authority and UMB Bank, n.a., as trustee; and
WHEREAS, the loan of the proceeds of the Series 2022 Bonds is proposed to be made by the Po...
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