Agenda - Council - 08/13/2013 - Laserfiche WebLink

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Councilmember introduced the following resolution and moved for its adoption: RESOLUTION #13-08-132 RESOLUTION AUTHORIZING THE ISSUANCE OF LEASE REVENUE REFUNDING BONDS TO REFINANCE A PUBLIC (CHARTER) SCHOOL PROJECT PURSUANT TO MINNESOTA LAW, AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS IN CONNECTION THEREWITH (PACT CHARTER SCHOOL PROJECT) NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: I. Authority. The City is, by the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 469.152 to 469.1655, as amended (the "Act"), authorized to issue and sell its revenue bonds for the purpose of fnancing industrial development within the boundaries of the City and to enter into agreements necessary or convenient in the exercise of the powers granted by the Act. 2. Authorization of Proiect: Documents Presented. PCS Building Company (the "Company"), a Minnesota nonprofit corporation and an organization described under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, has proposed that the City issue and sell its Lease Revenue Refunding Bonds (PACT Charter School Project), Series 2013A (the "Series 2013A Bonds") and its Taxable Lease Revenue Refunding Bonds (PACT Charter School Project, Series 2013B (the "Series 2013B Bonds" and together with the Series 2013A Bonds, the "Bonds") in an aggregate amount not to exceed $11,500,000 in substantially the form set forth in the hereinafter mentioned Indenture of Trust, pursuant to the Act, and loan the proceeds thereof to the Company in order to (i) advance refund the City's Lease Revenue Bonds (PACT Charter School Project) Series 2004A (the "Prior Bonds"), the proceeds of which were used to finance the acquisition, construction, and equipping of an approximately 72,000 square foot public elementary and secondary schoolhouse located at 7250 Ramsey Parkway East Northwest in the City (the "Project"), owned by the Company and leased to PACT Charter School (the "School"), a Minnesota nonprofit corporation and an organization described under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended; (ii) fund a debt service reserve fund; and (iii) pay the costs of issuing the Bonds. Forms of the following documents relating to the Bonds have been submitted to the City: (a) Loan Agreement (the "Loan Agreement") between the City and the Company, whereby the City agrees to make a loan to the Company of the gross proceeds of sale of the Bonds and the Company agrees to pay amounts in repayment of the loan sufficient to provide for the full and prompt payment of the principal of, premium, if any, and interest on the Bonds; and (b) Indenture of Trust (the "Indenture") between the City and Wells Fargo Bank, National Association, as trustee (the "Trustee"), authorizing the issuance of and pledging