6A, Resolution 2009-014 Health Care & Housing Revenue Bonds

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~ ~HILLS MEMORANDUM DATE: June 2, 2009 TO: Honorable Mayor and City Council Ron Moorse, City Administrator FROM: Sue Iverson, Finance Director SUBJECT: Public Hearing on Health Care and Housing Revenue Refunding Bonds Background: The City of Roseville has agreed to issue conduit debt for Presbyterian Homes on a refunding of Roseville's outstanding Senior Housing Refunding Revenue Bonds (EagleCrest Project), Series 2007. Because part of the project is located in Arden Hills, a public hearing and City Council approval of the financing is required under Section 146(f) of the Internal Revenue code. Discussion: On May 11, 2009, the City Council passed a resolution calling for a public hearing on June 8, 2009, to consider giving host approval to the issuance of revenue bonds by the City of Roseville under Minnesota Statutes, Sections 469.1651 and Minnesota Statutes, Chapter 462C in order to finance the cost of the project located in the City of Arden Hills. All costs will be paid by Presbyterian Homes that are incurred by Arden Hills for this issuance. Steve Bubul, our bond counsel has reviewed and made any necessary changes to this paperwork on our behalf. After the public hearing, the City Council will be asked approve a resolution giving host approval to the Issuance. Staff Recommendation: Staff recommends Council approve Resolution 2009-014, a resolution giving host approval to the issuance of Health Care and Housing Revenue Bonds under Minnesota Statutes, Chapter 462c and Minnesota Statutes, Sections 469.152 through 469.1651 issued through the City of Roseville.