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ARDEN HILLS CITY COUNCIL—May 11, 2009 6 The original motion was called to a vote. The motion carried unanimously (5-0). B. Motion to Approve Resolution 2009-010 to Appoint Mark Kelliher to the Financial and Advisory Committee MOTION: Mayor Harpstead moved and Councilmember Holden seconded a Motion to Table Resolution 2009-010 for the Appointment of Mark Kelliher to the Financial Planning and Advisory Committee for a Term to Expire December 31, 2010. The motion carried unanimously (5-0). C. Motion to Approve Resolution 2009-011; a Resolution Calling for a Public Hearing on the Issuance of Health Care and Housing Revenue Refunding Bonds (Ea0eCrest Proiect) by the City of Roseville Finance Director Susan Iverson stated that 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) and other improvements. 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. A resolution calling for the public hearing is being presented to the Council and after the public hearing the Council would be asked to either approve or disapprove the request, as the host City. Councilmember McClung stated that as the host City it would have been beneficial to know, ahead of being asked that a public hearing would be called, what type of improvements would be made and how these improvements would benefit the City. Ms. Janna Severance, Corporate Counsel from Presbyterian Home & Services, stated that the improvements were previously done. The reason for coming to Arden Hills is that Presbyterian Homes is using the proceeds of the tax exempt issue in Arden Hills. The total bond issue is estimated to be $23,500,000 and about $4,000,000 of this will be used to pay off a bank note, the proceeds of which were used at the property in Arden Hills. This $5,500,000 project made more single rooms available in the care center. Mayor Harpstead clarified that this was a refinancing of the Arden Hills activity that has already been finished. He asked if this was an Arden Hills note that had been originally issued or if it was a refinancing of a note that had come from a different jurisdiction.