My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
05-22-23-R
ArdenHills
>
Administration
>
City Council
>
City Council Packets
>
2020-2029
>
2023
>
05-22-23-R
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/18/2023 4:02:39 PM
Creation date
5/18/2023 3:53:06 PM
Metadata
Fields
Template:
General
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
271
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
ARDEN HILLS CITY COUNCIL — MAY 8, 2023 <br />Cs <br />8. PULLED CONSENT ITEMS <br />A. Motion To Approve Resolution 2023-022 Relating To Approval O <br />Amendment To The City's Series 2015 Note, Series 2011A Note And Series <br />2012A Note (Presbyterian Homes Of Arden Hills, Inc.) <br />Finance Director Bauman explained the City previously issued certain conduit revenue <br />obligations which need to be modified due to the phase out of LIBOR (used in determining the <br />interest rate). The City's Bond Counsel has determined that the Amendments will not be <br />considered a significant modification of the Notes and will not result in a reissuance. Staff <br />commented further on the request and recommended adoption of a Resolution relating to <br />Approval of the Amendment for the Notes. <br />Mayor Grant explained LIBOR was the London Inter Bank Offer Rate which was an interest rate <br />that was tied to the debt instruments. He reported it was his understanding LIBOR was going <br />away. He indicated this was a housekeeping matter that needed City approval. <br />Councilmember Fabel stated he asked to remove this item from the Consent Agenda for <br />curiosity reasons. He explained this seems to have been a significant commitment the City made <br />back in 2011. He indicated he was not familiar with pass -through financing and was curious with <br />how this worked. <br />Mayor Grant reported the City of Arden Hills and other communities have a bank qualified <br />amount of conduit financing they can issue each year. He reported the conduit debt under <br />consideration was issued to Presbyterian Homes to assist with their expansion. He stated the City <br />can issue $10 million per year in conduit debt and the City receives a fee for the issuance. He <br />noted this type of financing was still available. <br />Finance Director Bauman stated the City currently has five or six conduit debt revenue notes <br />outstanding. She indicated she has not been approached for a request since she has been with the <br />City of Arden Hills, which is five years. She reported each city is allowed to issue $10 million per <br />year in conduit debt. <br />Councilmember Holden explained this financing was not held by the City, but rather the City <br />simply allowed Presbyterian Homes to use the City's credit rating through this conduit debt. <br />MO ION: Councilmember Monson moved and Councilmember Holden seconded a <br />motion to Approve Resolution 2023-022 Relating To Approval O <br />Amendment To The City's Series 2015 Note, Series 2011A Note And Series <br />2012A Note (Presbyterian Homes Of Arden Hills, Inc.). The motion carried <br />(5-0 . <br />9. PUBLIC HEARINGS <br />None. <br />
The URL can be used to link to this page
Your browser does not support the video tag.