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<br /> - <br /> .. , <br /> MINUTES <br /> CITY OF ARDEN HILLS, MINNESOTA <br /> . REGULAR CITY COUNCIL MEETING <br /> AUGUST 14, 1995 <br /> 7:30 P.M. - NEW BRIGHTON CITY HALL <br /> . <br /> . CALL TO ORDERJROLL CALL <br /> Pursuant to due call and notice thereof, Mayor Dennis Probst called to order the regular City <br /> . Council meeting at 7:30 p.m. <br /> Present: Mayor Dennis Probst; Councilmembers Beverly Aplikowski, Dale Hicks, <br /> I Paul Malone and Susan Keim. <br /> Also present were: City Administrator, Brian Fritsinger; City Accountant, Terry Post; <br /> . Community Development Director, Kevin Ringwald; City Engineer, Greg Stonehouse; City <br /> Attorney Jerry Filla; and Recording Secretary, Ruth McLaurin. <br /> . ADOPT AGENDA <br /> .- MOTION: Hicks moved and Keim seconded a motion to adopt the agenda for the August 14, <br /> 1995 City Council meeting as presented. The motion carried unanimously (5-0). <br /> . PUBLIC HEARING-PRESBYTERIAN HOMES HEAL TH CARE REVENUE BOND <br /> Mayor Probst opened the Public Hearing at 7:31 p.m. City Administrator Fritsinger verified <br /> . publication of the notice in the July 25th edition of the Focus. <br /> Mayor Probst briefly explained the procedures of a Public Hearing, he indicated first staff will give <br /> . a brief presentation, Council will comment and then the public will have an opportunity to comment <br /> and ask questions. <br /> . Mayor Probst indicated the Public Hearing is being held in regard to consider the issuance of Health <br /> Care Revenue Bonds. <br /> . City Administrator Fritsinger indicated the proposed amount of the bond is $2,250,000. The <br /> issuance of the Bond would accomplish several things: <br /> I 1. Refinance existing outstanding bonds of$619,000. <br /> 2. Refinance existing line of credit of approximately $500,000. <br /> , Improve cash flow of organization by reducing the existing interest rate on debt from <br /> . J. <br /> 8.3% and 9% to 6.5%. <br /> .. 4, Finance additional site improvements/renovations. <br /> . <br />