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2001_1113_packet
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2001_1113_packet
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REQUEST FOR COUNCIL ACTION Date: 1 1/13/2001 <br /> Item No. : c-4 <br /> Department Approval: Manager Reviewed Agenda Section <br /> Consent <br /> Item Description: Setting a Public Hearing for the Issuance of $4500,000 Private School Facility <br /> Revenue Bonds, Series 2001 for Concordia Academy <br /> Background <br /> The City has been approached to aid Concordia Academy by providing conduit financing through the <br /> issuance of tax exempt Private School Facility Revenue Bonds. It has been the City's policy that if <br /> the request is for a project that is deemed in the City's best interest and results in no negative fiscal <br /> impact, the City Council provides for a hearing on the financing. <br /> The use of the funds as noted in the attached draft documents is for adding an information technology <br /> wing to the existing School. <br /> Financial Implications <br /> There is no financial obligation on the part of the City of Roseville. All costs and debt service are to <br /> be paid by the borrower including a 1% issuance fee. <br /> Council Action <br /> Motion to approve the establishing of a public hearing regarding the issuance of $4.5 million of <br /> Private School Facility Revenue Bonds, Series 200 1 for Concordia Academy. <br />
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