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 Higher Ground Academy Charter School Project and approving related documents; 1381 Marshall Avenue, District 13, Ward 1
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, Higher Ground Building Company, a Minnesota nonprofit corporation (the “Borrower”), has requested that the HRA issue one or more series of revenue bonds to be designated Charter School Lease Revenue Bonds (Higher Ground Academy Project) Series 2023 in an original aggregate principal amount not to exceed $13,500,000 (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”), between the HRA and the Borrower to: (i) refund the HRA’s Lease Revenue Refunding Bonds (Higher Ground Academy Project), Series 2013A which previously (a) refunded the HRA’s Lease Revenue Bonds (Higher Ground Academy Project), Series 2004 which previously financed the existing school facility at 1381 Marshall Avenue (the “School Facility”) in the City of Saint Paul, Minnesota (the “City”) operated by The Higher Ground Academy, a Minnesota nonprofit corporation and charter school (the “School”); (b) refunded the ...
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