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Woodbury Council approves up-to $60 million tax-exempt conduit bonds for Math and Science Academy campus
Summary
The Woodbury City Council adopted a resolution authorizing up to $60,000,000 in tax-exempt conduit revenue bonds to finance land acquisition, construction of an upper campus and renovation of an existing building for Math and Science Academy; the city will receive an issuance fee of about $75,000 and is not legally liable for debt service.
The Woodbury City Council voted to approve a city resolution authorizing up to $60,000,000 in tax-exempt conduit revenue bonds to finance land acquisition, construction of a new Math and Science Academy upper campus at 9025 Bailey Road and renovation of an existing building that the applicant plans to convert to an elementary school.
The bond issuance uses the city’s conduit financing authority so the borrower — MSA Building Company and Math and Science Academy — will sell tax-exempt bonds to investors. City staff and bond counsel told the council the city will not be legally responsible for debt-service payments; the applicant will pay issuance costs and a city fee estimated at about $75,000 that, per…
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