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REQUEST FOR COUNCIL ACTION Date: 02/14/2000 <br /> Item No.:x-1 <br /> Department Approval: Manager Reviewed Agenda Section <br /> ( 4 Public Hearing <br /> Item Description: A Re-Hearing for the Issuance of Tax Exempt Bonds for <br /> Lutheran Social Services of Minnesota. <br /> Background <br /> We have been informed by Lutheran Social Services's legal counsel that the notice of public <br /> hearing was not published in a timely manner and as a result they needed to redo the notice. The <br /> City is also required to have a new public hearing. <br /> There have been no other substantive changes from the orginal hearing held on January 24, 2000. <br /> Lutheran Social Services of Minnesota, a qualified non-profit organization, has requested the City <br /> of Brainerd to issue $1.8 million dollars of qualified tom-exempt bonds for the purchase of <br /> computers, motor vehicles and real property improvements. Since several of the purchases will be <br /> ambulances, which will be located within the City of Roseville, federal tax law requires Roseville's <br /> approval as well. <br /> This type of transaction is very similar to others the City has participated in recent years e.g. <br /> Children's Hospital, and St. Anne's <br /> Financial Implications <br /> There is no financial obligation on the part of the City of Roseville. All costs and debt service are <br /> to be paid by the borrower. However, the City will receive a 1% IDB fee on the value allocated to <br /> Roseville. <br /> Staff Recommendations <br /> Staff, including the City's bond counsel, has reviewed the request and is recommending approval <br /> upon the conclusion of the public hearing. <br /> Council Action <br /> Motion to approve the attached resolution regarding the issuance of Revenue Bonds for Lutheran <br /> Social Services of Minnesotaa by the City of Brainerd and includes the City of Roseville's approval <br /> for equipment to be placed with the City. <br />