04-24-2024 Council Packet - Laserfiche WebLink

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132279206v1 2 WHEREAS, the Borrower has requested that the City issue revenue notes, in one or more series, (the “2024 Note”) to assist in financing a new project consisting of (i) financing the construction of renovations to the Borrower’s lower, kindergarten through fifth-grade, school, including improvements to classroom space and community space, and improvements to safety, accessibility, and infrastructure, located at 1150 Goodrich Avenue in the City of Saint Paul, Minnesota and (ii) paying costs of issuing the 2024 Note (the “2024 Project”); and WHEREAS, Section 4.9 the Loan Agreement requires the Borrower to maintain certain financial covenants regarding the ratio between the Borrower’s unrestricted net assets and the Borrower’s long-term debt (the “Debt Service Coverage Ratio”), and the Borrower and Lender have agreed, in connection with the issuance of the 2024 Note, to amend the definition of Debt Service Coverage Ratio in the Loan Agreement to exclude the revenues from the 2024 Project from the calculation of the Borrower’s net assets and to exclude the 2024 Note from the calculation of the Borrower’s long-term debt; and WHEREAS, the Borrower and Lender have asked the City to enter into an amendment to effect such changes, as evidenced by a First Amendment to Loan Agreement (the “Amendment”); NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LITTLE CANADA, MINNESOTA, as follows: 1. Authority. The City is authorized to enter into the Amendment under the Constitution and the laws of the State of Minnesota, including Minnesota Statutes, Sections 469.152 through 469.165, as amended (the "Act"). 2. Documents Presented. A substantially final form of the Amendment has been submitted to the City. 3. Approval, Execution, and Delivery of Documents. The form of the Amendment is approved in substantially the form submitted, and the Mayor and the City Administrator of the City are hereby authorized to execute and deliver the Amendment, together with such other documents as appropriate in connection with the Amendment. In the event of absence or disability of the Mayor and/or the City Administrator, any of the documents authorized by this Resolution to be executed and delivered may be executed without further act or authorization of the City Council by any member of the City Council or any duly designated acting official, or by such other officer or officers of the City Council as, in the opinion of counsel to the City, may act in their behalf. 4. Changes in Forms Approved; Absent and Disabled Officers. The approval hereby given includes approval of such modifications of, deletions from, and/or additions to the approved documents as may be deemed necessary and appropriate by the officers authorized to execute the documents on behalf of the City, and said officers are hereby authorized to approve said changes on behalf of the City. The execution of any instrument by the appropriate officer or officers of the City herein authorized shall be conclusive evidence of the approval of such document in accordance with the terms hereof.