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<br /> . <br /> . . <br /> .- CITY OF ARDEN HILLS <br /> MEMORANDUM <br /> . DATE: July 7, 1995 <br /> . TO: Mayor and City Council <br /> . FROM: Brian Fritsinger, Administrato~ <br /> SUBJECT: Presbyterian Homes - Health Care Revenue Bonds <br /> . The City has received a request from Presbyterian Homes to consider the approval of a <br /> . Health Care Revenue Bond in the amount of $2,250,000. The issuance of this Bond would <br /> accomplish several things: <br /> . 1. Refinance existing outstanding bonds of$619,000 <br /> 2. Refinance existing Line of Credit of approximately $500,000 <br /> .e 3. Improve cash flow of organization by reducing the existing interest <br /> rate on debt from 8,3% and 9% to 6.5% <br /> . 4. Finance additional site improvementslrenovations <br /> . The City in late 1991 and early 1992 approved action which permitted the refmancing of an <br /> existing Revenue Bond issued for Presbyterian Homes. Currently, eity records show an <br /> . outstanding debt remaining on these Revenue Bonds of$619,000, <br /> These fimds will be used exclusively for the operations in Arden Hills. There will be some <br /> . savings to the residents of Sutton Place as a result of this refinancing, <br /> Recommendation <br /> . Staff would recommend the eouncil 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 /> . <br /> . <br /> .. <br /> . <br />