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<br />. <br />, <br /> <br />t <br /> <br />e <br /> <br />e <br /> <br />. <br /> <br />~ <br />~~ILLS <br /> <br />MEMORANDUM <br /> <br />TO: Mayor and City Council <br /> <br /> <br />FROM: Joe Lynch, City Administrator <br /> <br />SUBJECT: Presbyterian Homes Bond Sale <br /> <br />DATE: February 22,2002 <br /> <br />BACKGROUND <br />Council approved the 5ale of bonds for Presbyterian Homes, using the City's excess bonding <br />capacity, to assist in raising capital to replace existing infrastructure and purchase/construct! <br />refurbish units in Bloomington. The total amount authorized was $5,500,000. <br /> <br />Our Bond Counsel contacted me because, in the course of putting together the paper work for the <br />bond sale, no mention was made for late payment penalty. The Dakota Bank purchased the notes <br />and is requesting an amendment to the bond sale to allow for a late payment penalty clause. <br /> <br />RECOMMENDATION <br />Staff recommends that Council adopt and approve the execution of an amendment note to the <br />Health Care Facility Revenue Refunding Note, Series 2001A, and Housing Facility Revenue <br />Note 2001B as requested. <br />