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 Community School of Excellence Project, 270 Larpenteur Avenue West, 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 CSE 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 finance the “Project,” which consists of: (i) the construction of an approximately 65,000 square foot three-story high school addition on the existing charter school campus (the “Existing School Facilities”) located at 270 Larpenteur Avenue West in the City of Saint Paul, Minnesota (the “City”), to serve students in grades 9 through 12; (ii) refund the Issuer’s outstanding Charter School Lease Revenue Bonds (Community School of Excellence Project), Series 2016A (the “Series 2016 Bonds”); (iii) fund a debt service reserve fund for the Bonds; (iv) fund capitalized interest on the Bonds; and (v) pay the costs of issuance of the Bonds;
(d) The Project will be owned by the Borrower and leased to and operate...
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