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05-12-14-R
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05-12-14-R
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NEW BUSINESS 8A <br /> <br />MEMORANDUM <br /> <br />DATE: May 12, 2014 <br /> <br /> <br /> <br />TO:Honorable Mayor and City Council Members <br /> <br /> Patrick Klaers, City Administrator <br /> <br />FROM: Sue Iverson, Director of Finance and Administrative Services <br /> <br /> <br />SUBJECT: Host approval for issuance of Financing and Refinancing <br />bonds for Educational Purposes for Northwestern College <br /> <br /> <br /> <br />Action Requested <br /> <br />Council Action or direction to staff on how to proceed with this matter. This may <br />include: <br /> <br />1.Approval of Resolution 2014-029. <br /> <br />2.Authorizing the Mayor to sign a letter granting approval from the City Council on <br />the refinancing. <br /> <br />3.Direct staff to have further discussions with Northwestern College. <br /> <br />Background <br /> <br />At the request of University of Northwestern-St. Paul, the City of Arden Hills issued <br />adjustable Rate Revenue Bonds in 2010 to finance the construction and equipping of a <br />portion of a student center located on the campus. The loan agreement stipulated that the <br />th <br />administrative fee is on-eighth (1/8) of one percent per year on the outstanding principal <br />amount of the bond paid semi-annually. We have been receiving this fee. <br /> <br />Discussion <br /> <br />University of Northwestern-St. Paul has submitted an application to the City with respect <br />to the requested host approval and has submitted a non-refundable application fee in the <br />amount of $500 according to our City procedure for application for Private Activity <br />Revenue Bond Financing. <br /> <br /> Counsel, John Utley, if the current bonds are <br />paid off and reissued through another issuer, the City will no longer collect the <br />administrative fee as the original obligation will have been paid. This letter includes in <br />the attachments a proposed resolution and/or a sample letter to provide City Council <br />12 <br />Page of <br /> <br />
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