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ARDEN HILLS CITY COiJNCIL—November 30, 2009 6 <br /> 6A. Northwestern College Public Hearing for Conduit Issuance (continued) <br /> Mayor Harpstead opened the public hearing at 7:35 p.m. <br /> Mayor Harpstead closed the public hearing at 7:36 p.m. <br /> 7. NEW BUSINESS <br /> A. Motion to Approve Resolution 2009-036: A Resolution Giving <br /> Preliminary Approval to the Proposed Issuance of Revenue Notes <br /> under Minnesota Statutes, Section 469-152 through 469.1651, as <br /> Amended <br /> Finance Director Iverson stated that upon approval of the Resolution this item will <br /> come before the Council for final approval at a later meeting. <br /> Councilmember Grant requested a presentation from the City's bond counsel to <br /> explain conduit financing. <br /> Ms. Julie Eddington, Kennedy & Graven, explained that the College has requested <br /> that the City provide an opportunity to have tax exempt financing. The City issues <br /> the debt and the City is not responsible for the debt itself. This does not have any <br /> effect on the City's ratings or its ability to issue bank-qualified debt for this year or <br /> next year. The City will issue the debt on behalf of the College and the College will <br /> take all responsibility to pay the debt and all responsibility to obtain a lender. <br /> Councilmember Grant clarified that the City was not responsible for the <br /> repayment of these funds. He asked if the student union project at Northwestern <br /> College was going to cost $9,000,000. <br /> Ms. Eddington stated that there projected amount for this project was $8,000,000 <br /> but they are requesting a maximum of$9,000,000. <br /> Councilmember McClung asked why this issue would be brought before the <br /> Council again for approval. <br />