07-24-2023 CC - Laserfiche WebLink

Home Browse Search

corporate boundaries of such municipality if the governing body of the city in which the property is located consents by resolution to the issuance of such obligations; WHEREAS, on July 26, 2023, the City Council of the City of Saint Paul, Minnesota ("Saint Paul") will hold a public hearing and consider approval of the issuance of the Notes to refinance the Project, all in accordance with and Section 147(f) of the Code; WHEREAS, Minnesota Statutes, Section 469.155, Subd. 12, as amended, authorizes a municipality to refund obligations issued by another municipality if such municipality consents to the issuance of such refunding obligations and the HRA's Resolution: RES 15-1521, which authorized the issuance of the Series 2015A Bonds, delegated to the Executive Director of the HRA the authority to provide necessary consents on behalf of the HRA and such consent to the refunding of the HRA's Series 2015A Bonds has been provided in accordance with Section 469.155, Subd. 12 of the Act; WHEREAS, the loan repayments to be made by the Company under the Loan Agreement will be fixed so as to produce revenue sufficient to pay the principal of, premium, if any, and interest on the Notes when due. The City will assign its rights to the basic payments and certain other rights under the Loan Agreement to the Lender (not including certain unassigned rights of the City, including those related to indemnification and reimbursement for costs and expenses), pursuant to the terms of an Assignment of Loan Agreement, to be dated on or after August 1, 2023 (the "Assignment of Loan Agreement"), between the City, the Company, and the Lender. The Company's obligation to make loan repayments under the Loan Agreement will be secured by: (i) a Combination Mortgage, Security Agreement, Assignment of Rents and Fixture Financing Statement from the Company to the Lender, to be dated on or after August 1, 2023 (the "Mortgage"), relating to the Notes; (ii) an Assignment of Lease, to be dated on or after August 1, 2023 (the "Assignment of Lease"), from the Company to the Lender and consented to by the School; (iii) a Pledge and Covenant Agreement, to be dated on or after August 1, 2023 (the "Pledge Agreement"), between the School and the Lender, pledging certain revenues of the School, including money due to the School from the State of Minnesota Lease Aid Payment Program; and (iv) other security provided or arranged by the Company or the School; WHEREAS, the proceeds of the Notes will be disbursed by the Lender to the Company pursuant to the Loan Agreement; WHEREAS, forms of the following documents have been submitted to the City and are now on file with the City: (i) the form of the Notes; (ii) the Loan Agreement; (iii) the Assignment of Loan Agreement; (iv) the Mortgage; (v) the Assignment of Lease; and (vi) the Pledge Agreement; WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and regulations promulgated thereunder, the Notes may not be issued as tax-exempt bonds unless the City Council approves the Notes after conducting a public hearing thereon; WHEREAS, the notice of public hearing (the "Public Notice") was published in the Pioneer Press, the official newspaper and a newspaper of general circulation in the City, with respect to (i) the required public hearing under Section 147(f) of the Code; and (ii) the approval of F SA130\288\879898.v3