Laserfiche WebLink
MINNESOTA PUBLIC FACILITIES AUTHORITY <br />BOND PURCHASE AND PROJECT LOAN AGREEMENT <br />This BOND PURCHASE AND PROJECT LOAN AGREEMENT ("the Agreement"), is between the Minnesota <br />Public Facilities Authority (the "Authority") and the City of Lino Lakes ("Recipient") and is dated August <br />14, 2024. <br />Construction of a new 8.6 MGD iron and manganese gravity filtration water treatment plant and <br />associated facilities ("the Project"). The Project is further described and detailed in the MN Department <br />of Health's certification(s) dated June 28, 2024 and August 9, 2024 and Jn the Recipient's Project <br />application which is incorporated herein. <br />Program Funding for the Project <br />Name <br />Legal citations <br />FdYqkl ko, <br />Amounts <br />Drinking Water State Revolving Fund <br />("the Loan") <br />MS 446A.081p <br />' MPFtt-DWRF-L S)2 ,FY25 <br />$15,996,190 <br />Loan <br />MN Rules 7380 r-=. <br />.0250,0297 <br />Drinking Water State Revolving Fund <br />("the Principal <br />MS44¢&081` <br />MPFA-DWRF-E-023-FY25" <br />$3,000,000 <br />Principal Forgiveness Grant <br />Forgiveness' <br />Grant") <br />.^ <br />TotafAuthorityPr'ojettFinancing:'y % <br />$18,996,190 <br />ARTICLE 1 TERMS AND CON`0J, `DNS <br />Section 1.1 Terms. (a) General. The Aut' o'i y heteby commits, sd6f t to the availability of funds and <br />the conditions and legal citations herein setfPlIl) to prfivide.E1GHTEEI EIGHTEEN -MILLION NINE HUNDRED NINETY <br />SIX THOUSAND ONE HUNDRED NINETY DOLLARS ($T8,99f;1Q) to the, <br />Itacipient for the purpose of <br />financing eligible costs of their„oject. <br />(b) Loan: The Loan shell be evidenced by the Note described in Section 1.4 of this Agreement (the <br />"Note"). The final maturity date ofth Loan will be August 20, 2044. The aggregate principal amount of <br />the Loan disbursed and boutstanding,"MI bear interesi'ai d servicing fees collectively atthe rate of 1.947% <br />per annum accruing from­end,afterthe hike of the Noje,through the date on which no principal of the <br />Loan remains -unpaid and all accrued interest and servicing fees thereon have been paid. <br />(c) Grant(s); The Prtn6pal Forgiveness Grant is granted and is not required to be repaid except as <br />othier4iise provided in'Ar,Rle 9 of this Agreement. <br />Section 1.2 Authority Sou raea'of Funds: (ii The Recipient acknowledges that the Authority may use the <br />proceeds-"pf:.one or more serlei; of the Authority's revenue bonds (the "Bonds"), federal capitalization <br />grants, proceeds of state geerl obligation bonds, state appropriations from the Clean Water Legacy <br />Fund, or othbOdilds of the UiAority, or a combination thereof, to fund the Agreement. <br />b At the written re uc�st of'the Recipient, the Authority will provide information with respect to the <br />(1 t1 r <br />funding of the Agreement from time to time. <br />(c) Allocation and pledging of Loan: The Authority may, at any time, pledge the Loan as security for its <br />Bonds. The Authority in its sole discretion may allocate the Loan to one or more sources of funds and <br />may from time to time reallocate the Loan to one or more different sources of funds, including one or <br />more different series of Bonds (whether or not that series of Bonds refunded the series of Bonds to <br />which the Loan was originally allocated), or may sell the Loan if permitted by the documents relating to <br />its Bonds. <br />Lino lakes DWRF 01 <br />A-2 <br />Page 1 of 12 <br />