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HRA hears introduction to up to $221M conduit bond request for Children’s Minnesota; St. Paul projects highlighted
Summary
At its Dec. 4 meeting the St. Paul HRA received an introduction to a proposed up-to-$221 million conduit bond issuance for Children’s Minnesota to refinance 2020 debt and fund capital projects; staff said the HRA would collect roughly $188,000 in additional fees and the proposal will return for public hearing and action next week.
The St. Paul Housing and Redevelopment Authority received an introductory presentation on Dec. 4 about a proposed conduit bond issuance for Children’s Minnesota that would refinance earlier bonds and fund new projects around the Twin Cities.
Jenny Wolfe of Planning and Economic Development explained that conduit bonds are issued by a governmental issuer to enable a nonprofit borrower to obtain tax-exempt interest rates; the HRA, as conduit issuer, would not be liable for repayment of the debt. "They are a debt, in name only of the HRA," Wolfe said, describing the standard role of a conduit issuer and…
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