Laserfiche WebLink
ARDEN HILLS CITY COUNCIL—MAY 12, 2014 11 <br /> Mayor Grant questioned why the University of Northwestern was making the change if the <br /> interest rates were basically the same and the college would have to repay all of their closing fees <br /> again. <br /> Councilmember Holden did not believe the University of Northwestern would have gone <br /> through with the refinancing request unless it was worth the college's time. <br /> Mayor Grant asked if this request had a time restraint. <br /> Mr. Utley did not believe there was a restraint and he believed it was acceptable to table the <br /> matter for two weeks if the Council had additional questions. <br /> MOTION: Mayor Grant moved to table action on this matter to allow staff to gather <br /> more information from the University of Northwestern. The motion failed <br /> for lack of a second. <br /> MOTION: Councilmember Holmes moved and Councilmember Holden seconded a <br /> motion to adopt Resolution #2014-029 — approving the issuance of public <br /> finance authority revenue bonds in a maximum aggregate principal amount of <br /> $26,000,000 for the purposes of financing and refinancing the costs of <br /> acquisition, construction, improvement, renovation and equipping of certain <br /> educational facilities of the University of Northwestern-St. Paul and other <br /> matters relating thereto. <br /> Councilmember McClung supported the request from the University of Northwestern, but <br /> wished that representatives from the University of Northwestern were in attendance this evening <br /> to address the Council. <br /> Mayor Grant commented he would like to support the request, but without additional <br /> background information from the University of Northwestern, he could not vote in favor. He did <br /> not believe that the Council had enough information to make a decision on this matter. <br /> Councilmember Werner asked how the 2014 budget would be impacted by the loss of these <br /> bond administration funds. <br /> Director of Finance and Administrative Services Iverson explained that the City would lose <br /> approximately $4,750 in 2014 and about $9000 in 2015. She noted that the City had received a <br /> payment for the first half of the year. <br /> Councilmember Werner supported the refinancing for the University of Northwestern. He <br /> requested the Mayor call the question. <br /> The motion carried 4-1 (Mayor Grant opposed). <br /> 9. UNFINISHED BUSINESS <br />