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 Twin Cities German Immersion School Project, 1031 Como Avenue and approving related documents; District 10, Ward 5
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, Twin Cities German Immersion School 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 Refunding Bonds (Twin Cities German Immersion School Project), Series 2025 (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”) in order to (i) redeem and prepay certain outstanding Charter School Lease Revenue Bonds (Twin Cities German Immersion School Project) Series 2013A, issued by the HRA on May 21, 2013 (the “Series 2013A Bonds”), in the original aggregate principal amount of $8,270,000 which originally financed the acquisition, renovation, construction and equipping of an existing approximately 29,400 square foot school building, an existing approximately 11,000 square foot church building and an approximately 20,180 square foot addition to the existing b...
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