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ARDEN HILLS CITY COUNCIL-MARCH 31, 2014 6 City Administrator Klaers stated that this was the case and that it would also provide more transparency for the City. MOTION: Councilmember Holden moved and Councilmember Holmes seconded a motion to approve budget adjustments for 2013 effective December 31, 2013, and to create a new fund called the TCAAP Capital Fund. The motion carried MOTION: Councilmember Holden moved and Councilmember Holmes seconded a motion to approve budget adjustments for 2014 effective March 31, 2014. The motion carried (5- B. Presbyterian Homes Bond Refunding to Call Public Hearing John Utley, Kennedy & Graven, stated that it has been proposed that the City of Spring Park's $28,000,000 Housing and Health Care Revenue Note, Series 2010 be refunded by the issuance of three separate notes in the approximate amount of$9,300,000 each by three cities; Spring Park, St. Bonafacius, and Chanhassen for a total of $27,900,000. Host approval is required for the refunding notes as they still include facilities in the City of Arden Hills, so it is necessary for the issuers to request host approval by the City Council of Arden Hills. Mr. Utley stated that the notes cannot be issued as tax-exempt obligations unless a notice of public hearing is published in a newspaper of general circulation in the City, the City Council conducts a public hearing consistent with the terms of the public notice regarding approval of the notes, and following the public hearing the City Council approves the issuance of the notes. Mr. Utley explained that Presbyterian Homes has submitted an application to the City with respect to the requested host approval and has submitted a non-refundable application fee in the amount of $500 according to the City's procedure for application for Private Activity Revenue Bond Financing. Mr. Utley noted that the applicant is requesting that the Council set a public hearing date of Monday, April 28, 2013. He requested that the Council adopt Resolution 2014-021, a resolution calling for a public hearing on giving host approval to the issuance of housing and health care revenue refunding notes to refinance a project by Presbyterian Homes and Services and authorizing the publication of a notice of the hearing(PHS/Lake Minnetonka Campus Project). Councilmember Holden asked if there would be a cost to the City of Arden Hills for the proposed bond refunding. Mr. Utley explained that there would be no cost to Arden Hills. MOTION: Councilmember Werner moved and Councilmember Holden seconded a motion to adopt Resolution 2014-021, a resolution calling for a public hearing on giving host approval to the issuance of housing and health care revenue refunding notes to refinance a project by Presbyterian Homes and Services