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ARDEN HILLS CITY COUNCIL MARCH 31, 20146 <br /> <br />City Administrator Klaers <br /> stated that this was the case and that it would also provide more <br />transparency for the City. <br /> <br />MOTION: Councilmember Holden moved and Councilmember Holmes seconded a <br />motion to approve budget adjustments for 2013 effective December 31, 2013, <br />and to create a new fund called the TCAAP Capital Fund. The motion <br />carried (5-0). <br /> <br />MOTION: Councilmember Holden moved and Councilmember Holmes seconded a <br />motion to approve budget adjustments for 2014 effective March 31, 2014. <br />The motion carried (5-0). <br /> <br /> B. Presbyterian Homes Bond Refunding to Call Public Hearing <br /> <br />John Utley <br />, Kennedy & Graven, stated that i <br />$28,000,000 Housing and Health Care Revenue Note, Series 2010 be refunded by the issuance of <br />three separate notes in the approximate amount of $9,300,000 each by three cities; Spring Park, <br />St. Bonafacius, and Chanhassen for a total of $27,900,000. Host approval is required for the <br />refunding notes as they still include facilities in the City of Arden Hills, so it is necessary for the <br />issuers to request host approval by the City Council of Arden Hills. <br /> <br />Mr. Utley <br />stated that the notes cannot be issued as tax-exempt obligations unless a notice of <br />public hearing is published in a newspaper of general circulation in the City, the City Council <br />conducts a public hearing consistent with the terms of the public notice regarding approval of the <br />notes, and following the public hearing the City Council approves the issuance of the notes. <br /> <br />Mr. Utley <br />explained that Presbyterian Homes has submitted an application to the City with <br />respect to the requested host approval and has submitted a non-refundable application fee in the <br />amount of $500 according to the City procedure for application for Private Activity Revenue <br />Bond Financing. <br /> <br />Mr. Utley <br />noted that the applicant is requesting that the Council set a public hearing date of <br />Monday, April 28, 2013. He requested that the Council adopt Resolution 2014-021, a resolution <br />calling for a public hearing on giving host approval to the issuance of housing and health care <br />revenue refunding notes to refinance a project by Presbyterian Homes and Services and <br />authorizing the publication of a notice of the hearing (PHS/Lake Minnetonka Campus Project). <br /> <br />Councilmember Holden <br /> asked if there would be a cost to the City of Arden Hills for the <br />proposed bond refunding. <br /> <br />Mr. Utley <br /> explained that there would be no cost to Arden Hills. <br /> <br />MOTION: Councilmember Werner moved and Councilmember Holden seconded a <br />motion to adopt Resolution 2014-021, a resolution calling for a public hearing <br />on giving host approval to the issuance of housing and health care revenue <br />refunding notes to refinance a project by Presbyterian Homes and Services <br />