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