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%� EN HILLS <br />MEMORANDUM <br />DATE: May 10, 2010 <br />TO: Honorable Mayor and City Council Members <br />Patrick Klaers, City Administrator <br />FROM: Sue Iverson, Finance Director/Treasurer <br />SUBJECT: Host Approval for $30,000,000 City of Spring Park Conduit Debt for <br />Presbyterian Homes <br />Back�round <br />The City has been requested to hold a public hearing for host approval of $30,000,000 of <br />Multifamily Housing and Health Care Revenue Notes to be issued by the City of Spring <br />Park on behalf of Presbyterian Homes. Host approval is required as part of the proceeds <br />of these bonds will be used to refund the City of Arden Hills Housing and Health Care <br />Revenue Bonds (Presbyterian Homes of Arden Hills, Inc.), Series 1999B. <br />Our Bond Counsel has reviewed this request and attached is a letter describing the proj ect <br />and their legal opinion for your review. After the public hearing, Council is requested to <br />approve a resolution giving host approval and the execution of a Joint Powers Agreement <br />and an Assignment and Assumption of Regulatory Agreement. 4ur Bond Counsel's <br />opinion is that these transactions do no create any legal liability on the part of the City of <br />Arden Hills for these bonds. <br />There will be representatives from our Bond Counsel and on behalf of Presbyterian <br />Homes at the meeting to explain the proj ect and to answer any questions. <br />C oun cil Action <br />Conduct a Public Hearing and provide host approval of the above mentioned bonds so the <br />City of Spring Park may issue the above referenced bonds. <br />City Council Meeting <br />\�Metro-inet\ardenhills�Admin\Council�Agendas & Packet Information\2010\5-10-10 Regular�Packet <br />Information�.Pres_Homes_Spring_Park conduit_debt.doc <br />Page 1 of 1 <br />