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HRA hears introduction for up to $25 million conduit revenue bonds for NOVA Classical Academy expansion
Summary
HRA staff and NOVA Classical Academy leaders presented a proposal for the HRA to issue up to $25 million in conduit revenue bonds to refinance prior debt and finance a new 28,000-square-foot building; no action was taken at the meeting.
St. Paul Housing and Redevelopment Authority staff presented an introductory request for conduit revenue bonds that would allow NOVA Classical Academy to refinance outstanding debt and finance construction of a new building on adjacent property.
Jenny Wolf, debt manager with PED, told the HRA that the authority would act only as a conduit issuer: “HRA issued conduit revenue bonds are repayable solely from the secured by any revenues or taxing powers of the government and the HRA and the City undertake no risk by issuing the bonds.” Wolf said the HRA does not underwrite or guarantee repayment and that due diligence on credit and repayment is completed by the…
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