RES 17-46 - Laserfiche WebLink

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in which the real property is located consents by resolution to the issuance of such obligations by the other municipality. Section 2. Description of the Project. (a) Under the terms of Resolution No. 2012-123 adopted by the Board of Commissioners of Anoka County, a county and political subdivision of the State of Minnesota (the "Prior Issuer"), on August 28, 2012, and under the provisions of an Indenture of Trust, dated as of December 1, 2012 (the "Prior Indenture"), between the Prior Issuer and Wells Fargo Bank, National Association (the "Prior Trustee"), the Prior Issuer issued its: (i) Charter School Lease Revenue Bonds (Spectrum Building Company), Series 2012A (the "Series 2012A Bonds', in the original aggregate principal amount of $11,095,000; and (ii) Taxable Charter School Lease Revenue Bonds (Spectrum Building Company), Series 2012B (the "Series 2006B Bonds"), in the original aggregate principal amount of $205,000 (the Series 2012A Bonds and the Series 2012B Bonds are hereinafter referred to collectively as the "Series 2012 Bonds'. The proceeds of the Series 2012 Bonds were loaned to Spectrum Building Company, a Minnesota nonprofit corporation (the "Company"), and were applied by the Company to finance the acquisition and equipping of an existing school facility located at 17796 Industrial Circle Northwest in the City of Elk River of approximately 60,000 square feet and approximately 37 acres for athletic fields located at 10189 181st Avenue NW in the City of Elk River (the "Series 2012 Project"). (b) Under the terms of Resolution No. 2014-43 adopted by the Board of Commissioners of the Prior Issuer on April 22, 2014, and under the provisions of the Prior Indenture and a First Supplemental Indenture of Trust, dated as of June 1, 2014 (the "First Supplemental Indenture"), between the Prior Issuer and the Prior Trustee, the Prior Issuer issued its: (i) Charter School Lease Revenue Bonds (Spectrum Building Company) Series 2014A, in the original aggregate principal amount of $3,880,000; and (ii) Charter School Lease Revenue Bonds (Spectrum Building Company) Series 2014B, in the original aggregate principal amount of $205,000 (the Series 2014A Bonds and the Series 2014B Bonds are hereinafter referred to collectively as the "Series 2014 Bonds"). The proceeds of the Series 2014 Bonds were loaned to the Company and were applied by the Company to fmance the acquisition, renovation, and equipping of certain units within a common interest condominium complex located at 11044 Industrial Circle NW in the City of Elk River for use as a sixth grade educational center and gymnasium (the "Series 2014 Project"). (c) The Company has requested that the City of Bethel, Minnesota (the "City of Bethel") issue revenue obligations, in one or more series, as taxable or tax-exempt obligations (the "Bonds"), in an aggregate principal amount not to exceed $27,500,000, for the purposes of, among other things: (i) defeasing, redeeming, and prepaying the outstanding Series 2012 Bonds; (ii) defeasing, redeeming, and prepaying the outstanding Series 2014 Bonds; (iii) financing the acquisition of ten (10) acres of undeveloped land located north of 181st Avenue NW in the City of Elk River adjacent to the existing athletic fields of the Company and the acquisition of four (4) acres of land at 17823 Industrial Circle NW in the City of Elk River on which an existing building is located and the renovation of the existing building and the addition of a gymnasium and field for use as a school building for 7th and 8th grade students (the "Series 2017 Project"); (iv) funding a debt service reserve fund to secure the timely payment of the Bonds; (v) paying a portion of the interest on the Bonds; and (vi) paying a portion of the costs of issuing the Bonds. OA