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1998_0810_packet
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1998_0810_packet
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REQUEST FOR COUNCIL ACTION Date: 08/10/98 <br /> Item No.: H 2 <br /> Department A Proval: Manager Reviewed Agenda Section <br /> Hearings <br /> Item Description: Public Hearing for Issuance of Revenue Bonds for Children's <br /> Hospitals and Clinics <br /> Background <br /> The City of Minneapolis is issuing up to approximately $20,500,000 of revenue bonds on behalf of <br /> the Children's Hospitals and Clinics. It is estimated that approximately $3,000,000 of the bond <br /> proceeds are to be spent for a computer facility in Roseville at 2910 Centre Pointe Road, both <br /> federal and state statutes require the Roseville City Council to approve the bonds related to the <br /> Roseville project. <br /> On the advice of our bond counsel, an 'intergovernmental agreement is also included as part of the <br /> F <br /> rocess, The intent of the agreement is to set out the relationship between the City of Roseville and <br /> the City of Minneapolis regarding the issuance of the bonds. <br /> See the attached letter from Briggs&Morgan regarding their review. <br /> .6 <br /> Financial Implications <br /> There are no financial obligations or liabilities incurred by the City pertaining to this transactions. The <br /> City will receive legal expense reimbursements from Children's Hospitals and Clinics as well as the <br /> required 1% IDB fee. <br /> Staff Recommendations <br /> Staff is recommmiing that the City Council approve both the resolution approving the bond issuance <br /> and the intergovernmental agreement. <br /> Council Action <br /> Motion to approve the attached resolution approving the issuance of bonds by the City of <br /> Minneapolis to finance a project on behalf of Children's Health Care under Nfinnesota Statutes, <br /> Sections 469.152 to 469.165. <br /> Motion to approve the Intergovernmental Agreement Providing for the Issuance of Health are <br /> Revenue Bonds on behalf of Children-'s Health Care and authorizing the Mayor and City Manager <br /> to sign the agreement upon the recommendation of the City's Bond Counsel. <br /> j:\W0RDPR0C\IDB\CH1LDREN.WPD <br />
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