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<br />ARDEN HILLS CITY COUNCIL - July 14, 2008 <br /> <br />8 <br /> <br />Cultural Facilities Authority and the bonds will not constitute a charge, lien, or <br />encumbrance upon any property of the City. The bonds do not count toward the <br />City's bank qualified debt, and they are not charged against the general credit or tax <br />paying powers of the City. The City would hold no financial responsibility or <br />liability for the bonds. He also stated that the City of Roseville would be holding a <br />similar public hearing for their portion of the bond request. <br /> <br />Councilmember McClung asked for clarification on why the City was holding a <br />public hearing since the Municipality was not receiving the bonds. He also <br />requested the statute number that required the City to hold a public hearing. <br /> <br />CouncilmemberGrant asked if he City was being asked to vote in favor of <br />Colorado Educational and Cultural Facilities Authority issuing the bonds for <br />improvements within the City. <br /> <br />City Planner Lehnhoff stated that Councilmember Grant was correct and that the <br />public hearing was being held so that residents had an opportunity to comment on <br />the use of the tax-exempt financing in the City. <br /> <br />Councilmember McClung restated that he would like Staff to forward the exact <br />statute to him. <br /> <br />Councilmember Holmes stated that the City had received a letter for Mr. <br />Schroeder stating that Northwestern College would reimburse the City for the <br />public hearing. She asked if there were other expenses that had been incurred <br />during this process that should be reimbursed. <br /> <br />City Planner Lehnhoff stated that Northwestern College would be reimbursing the <br />City for all costs involved in the public hearing and the costs incurred by Briggs & <br />Morgan for reviewing the proposal and resolution. <br /> <br />Mayor Harpstead opened the public hearing at 7:58 p.m. <br /> <br />Mayor Harpstead closed the public hearing at 7:59 p.m. <br /> <br />MOTION: Councilmember Grant moved and Mayor Harpstead seconded a <br />Motion to Approve Resolution 2008-033 for the Issuance of Colorado <br />Educational and Cultural Facilities Authority Revenue Bonds in a <br />Maximum Aggregate Principal Amount of $9,000,000 for the Purpose <br />of Financing and Refinancing the Costs of Acquisition, Construction, <br />Improvement, Renovation and Equipping of Certain Facilities and <br />Certain other Matters Relating Thereto at Northwestern College. <br />