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<br />I <br />I. CITY OF ARDEN HILLS <br />. MEMORANDUM <br />I DATE: July 7, 1995 <br />I TO: Mayor and City Council <br /> Brian Fritsinger, Administrato~ <br /> FROM: <br />I SUBJECT: Presbyterian Homes - Health Care Revenue Bonds <br />I The City has received a request from Presbyterian Homes to consider the approval of a <br />I Health Care Revenue Bond in the amount of $2,250,000. The issuance of this Bond would <br /> accomplish several things: <br />I 1. Refmance existing outstanding bonds of $619,000 <br /> 2. Refinance existing Line of Credit of approximately $500,000 <br />.- 3. Improve cash flow of organization by reducing the existing interest <br /> rate on debt from 8.3% and 9% to 6.5% <br />I 4. Finance additional site improvements/renovations <br />I The City in late 1991 and early 1992 approved action which permitted the refinancing of an <br /> existing Revenue Bond issued for Presbyterian Homes. Currently, City records show an <br />I outstanding debt remaining on these Revenue Bonds of$6l9,000. <br /> These funds will be used exclusively for the operations in Arden Hills. There will be some <br />I savings to the residents of Sutton Place as a result of this refinancing. <br /> Recommendation <br />I Staff would recommend the Council schedule a Public Hearing on Monday, August 14, <br /> 1995, at 7:30 PM, New Brighton City Hall to discuss the proposed Bond sale. <br />I <br />I <br />Ie <br />I <br />