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The action before the City Council is to conduct the required public hearing on the proposed <br />issuance of conduit debt by the City of Little Canada on behalf of Saint Paul Academy and Summit <br />School and consider the adoption of two related resolutions. The first resolution approves the <br />issuance and sale of new capital campaign financing notes for $10,000,000 and authorizes the <br />execution of documents relating to the Saint Paul Academy and Summit School Project. <br />The City of Little Canada's Finance Policy includes a provision for the issuance of conduit debt <br />for qualifying entities. As part of the considerations for issuing conduit debt, the City of Little <br />Canada will receive a fee in the amount of ½ of 1% of the issuance amount. In this case, the <br />issuance amount for Saint Paul Academy and Summit School is $10,000,000 which will generate <br />a fee of $50,000 for the City of Little Canada. <br />The City of Little Canada also worked with Saint Paul Academy and Summit School on a previous <br />issuance of conduit debt in 2017. The original aggregate principal amount of the 2017 note was <br />$7,375,000 issued to Bremer Bank, National Association, a national banking association. As part <br />of this transaction, Bremer Bank agreed to make certain changes to the covenants in the 2017 note <br />issued by the City of Little Canada for St. Paul Academy. This necessitates an amendment to the <br />2017 Loan Agreement. Therefore, the second resolution approves that amendment. <br />The two Resolutions and supporting documents are attached for your review. The City of Little <br />Canada’s bond attorney from Taft Law Firm, Catherine Courtney, will be in attendance at the City <br />Council meeting to explain this proposed action in further detail and answer any questions you <br />may have. A representative from the Saint Paul Academy and Summit School will also be in <br />attendance if there should be any specific questions about the proposed project. <br />RECOMMENDED ACTION <br />Staff recommends conducting the Public Hearing to receive and consider feedback regarding the <br />issuance of conduit debt by the City of Little Canada for St. Paul Academy and Summit School. <br />Staff also recommends the following actions by the City Council: <br />1)Motion to Adopt Resolution 2024-4-46 approving the issuance and sale of capital <br />campaign financing notes and authorizing the execution of documents relating to the <br />Saint Paul Academy and Summit School Project. <br />2)Motion to Adopt Resolution 2024-4-47 approving and authorizing the amendment of <br />a loan agreement related to the City’s Educational Facilities Revenue Refunding <br />Note, Series 2017 (Saint Paul Academy and Summit School Project).