Laserfiche WebLink
<br />separate establishments, the municipality is required by Federal law to hold a public hearing. In <br />this case, the bonds are being issued indirectly through CECF A. <br /> <br />The bonds will not constitute a charge, lien, or encumbrance upon any property of the City. The <br />bonds do not count toward the City's bank qualified debt, and they are not charged against the <br />general credit or taxing powers of the City. The City's bond counsel, Briggs & Morgan, have <br />reviewed the proposal and resolution, and they concur that the City would hold no financial <br />responsibility or liability for the bonds. The bonds are repaid through a revenue agreement <br />between CECF A and Northwestern College. <br /> <br />The purpose of the public hearing is to allow for public comment on the proceeds to be expended <br />by Northwestern College. The City of Roseville anticipates holding a similar public hearing on <br />July 28, 2008. <br /> <br />Recommendation <br /> <br />Approve Resolution 2008-033 for the issuance of Colorado Educational and Cultural Facilities <br />Authority revenue bonds in a maximum aggregate principal amount of $9,000,000 for the <br />purposes of financing and refinancing the costs of acquisition, construction, improvement, <br />renovation and equipping of certain facilities and certain other matters relating thereto. <br /> <br />Attachments <br /> <br />A - June 2, 2008, Letter from Northwestern College & Public Hearing Notice <br />B - Resolution 2008-033 <br /> <br />City of Arden Hills <br />City Council Meetingfor July 14, 2008 <br /> <br />\ \Metro-inet.us\ardenhills\Planning\Development ProjectsWorthwestern College\Bond Hearing\071408 - CC Report - NWC Bond Hearing.doc <br />Page 2 of2 <br />