06-14-2017 Council Packet - Laserfiche WebLink

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8331478v2 RESOLUTION NO. 2017-6-102 RESOLUTION APPROVING THE ISSUANCE AND SALE OF EDUCATIONAL FACILITIES REVENUE REFUNDING NOTES AND AUTHORIZING THE EXECUTION OF DOCUMENTS RELATING THERETO (SAINT PAUL ACADEMY AND SUMMIT SCHOOL PROJECT) WHEREAS, (a) The purpose of Minnesota Statutes, Sections 469.152 to 469.165, as amended (the "Act"), as found and determined by the legislature, is to promote the welfare of the state by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of obligated and marginal lands and areas of chronic unemployment; (b) The City of Little Canada, Minnesota (the "City") desires to facilitate the selective development of the community, retain and improve the tax base and help to provide the range of services and employment opportunities required by the population, including educational services to its youth; and the Project, as defined below, will assist the City in achieving those objectives and will enhance the image and reputation of the community; (c) Saint Paul Academy and Summit School, a Minnesota nonprofit corporation (the "Borrower"), and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), has proposed that the City undertake a program to finance the Project through the issuance of revenue notes or other obligations, in one or more series (the "Notes"), pursuant to the Act and in an aggregate principal amount not to exceed $7,500,000; (d) The "Project" consists of: (i) refinancing, in part, the acquisition, construction and improvements of certain of the Borrower's school facilities located at Dunlap and Goodrich Avenues and Randolph and Davern, on the campus of the Borrower in the City of St. Paul, Minnesota ("St. Paul") by refunding the outstanding principal amount, in part, of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota's (the "Authority") Educational Facility Revenue Refunding Bonds (Saint Paul Academy and Summit School Project), Series 2007, (the "Prior Bonds"), and (ii) financing the costs of issuing the Notes. The Project is owned, operated, and managed by the Borrower; (e) The City has been advised by representatives of the Borrower that conventional, commercial financing to pay the capital cost of the Project is available only on a limited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be significantly reduced; (f) Based on representations of the Borrower, no public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project;