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CONSENT ITEM — 7B <br />,--ARZEN HILLS <br />MEMORANDUM <br />DATE: May 8, 2023 <br />TO: Honorable Mayor and City Councilmembers <br />Dave Perrault, City Administrator <br />FROM: Gayle Bauman, Finance Director <br />SUBJECT: Amendments to Conduit Revenue Notes Series 2011A, 2012A and 2015 <br />Budgeted Amount: Actual Amount: Funding Source: <br />N/A N/A N/A <br />Council Should Consider <br />Motion(s) to approve, table or deny the following: <br />• Resolution 2023-022 relating to the approval of an amendment to the City's Series 2015 <br />Note, Series 2011A Note and Series 2012A Note, issued for the benefit of Presbyterian <br />Homes of Arden Hills, Inc. <br />Discussion <br />The City previously issued certain conduit revenue obligations which need to be modified due to <br />the phase out of LIBOR (used in determining the interest rate). Our Bond Counsel has determined <br />that the Amendments will not be considered a significant modification of the Notes and will not <br />result in a reissuance. Please see the attached letter from Kennedy & Graven for more details. <br />Budget impact <br />None. <br />Attachments <br />A. Kennedy & Graven letter <br />B. Notice of interest rate change <br />C. Resolution 2023-022 approving amendments to the Notes <br />D. Allonge to 2011A Note <br />E. Allonge to 2012A Note <br />F. Allonge to 2015 Note <br />Page I of I <br />