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ARDEN HILLS CITY COUNCIL MAY 12, 201411 <br /> <br />Mayor Grant <br /> 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 /> <br />Councilmember Holden <br /> did not believe the University of Northwestern would have gone <br /> <br /> <br />Mayor Grant <br /> asked if this request had a time restraint. <br /> <br />Mr. Utley <br /> 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 /> <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 /> <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 /> <br />Councilmember McClung <br /> 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 /> <br />Mayor Grant <br /> 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 /> <br />Councilmember Werner <br />asked how the 2014 budget would be impacted by the loss of these <br />bond administration funds. <br /> <br />Director of Finance and Administrative Services Iverson <br /> 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 /> <br />Councilmember Werner <br /> supported the refinancing for the University of Northwestern. He <br />requested the Mayor call the question. <br /> <br />The motion carried 4-1 (Mayor Grant opposed). <br /> <br />9. UNFINISHED BUSINESS <br /> <br /> <br />