09-08-09 FPAC Packet - Laserfiche WebLink

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rPART III MISCELLANEOUS MATTERS 1. Ratings. The City will give its most favorable consideration to proposed tax exempt bond issues that have the same rating as the City's obli ations b Mood ' Service or Standard Poor's CaMadiotL �ue,� 1 r, d j s I t isti do o ves s one rime em6nf b e an usnb n o nati s of east e Council may depart from this guideline when in its judgment the project is of Tell of merit and public purpose to justify the departure; and in case of such a departure the Council must state its reasons therefor in the resolution \ awarding the sale of the bonds. 2. Ref endings. The Council will normally p the refunding of a tax-exempt issue but only upon a showing by the applicant of (1) substantial debt service savings, (ii) the removal of bond covenants significantly impairing the financial feasibility of the project, or (iii) both (1) and (ii). In the case of refandings of bonds for which the administrative fee listed in paragraph 9 of Part II have been paid in full, no new administrative fees are required; but the nnon-refundable application fee must be paid together with all City expenses in excess of that ee. If the administrative fees for the refunded bonds are not paid in full upon closing on the refunding bonds, such fees must continue to be paid for the refunding bonds. • In the case of refundings of bonds where no administrative fee has been paid, the administrative fees listed in paragraph 9 of Part II must be paid. The application form is to be appropriately modified. 3. Subsequent Proceedings. Where changes to the underlying documents or credit facilities of outstanding bond issues are to be made and require Council action (including changes that area "deemed reissuance" under Interna venue Service regulations), no administrative fee is charged but a non-refundable fee f $1,5 �g, st be deposited with the City to cover administrative costs. No formal application orm is zd. 4. Issue by Another Political Subdivision. The City will consider requests for tax exempt financing of projects in the City by other political subdivisions. In these cases the non- r fu dable application fee must be paid and all procedures through the approval of the i r rpinary resolution followed. a ministrative fee is cNirg6A The City reserves the h to reject such any reason, inc u mg wit out lime ation a determination by {' th , such issuance by another political subdivision would impair the City's ability to u overnmental bonds as "bank qualified bonds" (as defined in Part H, paragraph 9) in -- �( t1la alendar year. 5 t City Contact. Initial contacts about tax-exempt financing are made by contacting: Finance Director City of Arden Hills 1245 West Highway 96 Arden Hills, MN 55112 5