02-28-2018 Council Packet - Laserfiche WebLink

Home Browse Search

10554454v2 City of Little Canada, Minnesota First Amendment to $7,375,000 Educational Facilities Revenue Refunding Note, Series 2017 (Saint Paul Academy and Summit School Project) GENERAL AND NONARBITRAGE CERTIFICATE The undersigned Mayor and City Administrator of the City of Little Canada, Minnesota, a municipal corporation under the Constitution and laws of the State of Minnesota (the “City”), acting for the City, do hereby certify and request as follows: 1. Introduction. This Certificate relates to the first amendment to the City’s $7,375,000 Educational Facilities Revenue Refunding Note, Series 2017 (Saint Paul Academy and Summit School Project), dated September 6, 2017 (the “Note”), originally sold to Bremer Bank, National Association, in Minneapolis, Minnesota (the “Lender”). The proceeds of the Note were loaned to Saint Paul Academy and Summit School, a Minnesota nonprofit corporation (the “Borrower”), to refinance, in part, certain of the Borrower’s school facilities located on the Borrower’s campus in the City of Saint Paul, Minnesota (the “Project”) by refunding certain prior obligations related to the Project (the “Prior Bonds”). 2. The Note. The City loaned the proceeds of the Note to the Borrower pursuant to a Loan Agreement, dated September 6, 2017 between the City and the Borrower (the “Loan Agreement”) and the Borrower agreed to repay the Note in specified amounts and at specified times sufficient to pay in full when due the principal of, premium, if any, and interest on the Note. The Note was issued pursuant to a resolution adopted by the City on June 14, 2017 (the “Final Resolution”). To secure payment of the Note, the City and the Lender entered into a Pledge Agreement dated as of September 6, 2017 (the “Pledge Agreement”). 3. The Amendment. The Lender and the Borrower have informed the City that they have agreed to certain changes in the terms of the Note and have requested that the City enter into a First Amendment to Educational Facilities Revenue Refunding Note, Series 2017 (Saint Paul Academy and Summit School Project) (the “Note Amendment”). The Note Amendment will be issued pursuant to a resolution adopted by the City on February 28, 2018 (the “Amendment Resolution”). 4. Terms; Headings. All terms capitalized but not otherwise defined herein shall have the meanings given such terms in the Final Resolution, the Amendment Resolution, and the Loan Agreement. Paragraph headings herein are for convenience of reference only, and are not a part hereof.