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`32 POLICY OBJECTIVE <br />33 Generally speaking, the public policy reason for City participation in these financings is to promote greater <br />34 investment in the City's higher educational facilities than would otherwise occur by market factors alone. <br />35 Allowing the bonds to be issued tax-exempt makes the bonds more attractive to investors and results in <br />36 lower borrowing costs compared to traditional financing methods. This in turn, provides more available <br />37 dollars for the proposed project. <br />38 FINANCIAL IMPACTS <br />39 Not applicable. <br />40 STAFF RECOMMENDATION <br />41 Staff recommends the Council reschedule a public hearing to acknowledge the expenditure of tax-exempt <br />42 funds by Northwestern College. <br />43 REQUESTED COUNCIL ACTION <br />44 Motion to adopt the attached resolution rescheduling a public hearing for July 28, 2008 for the purposes of <br />45 acknowledging the expenditure of tax-exempt funds by Northwestern College. <br />46 <br />Prepared by: Chris Miller., Finance Director <br />Attachments: A: Resolution rescheduling the public hearing, as prepared by Bond Counsel. <br />Page 2 of 6 <br />