2008_0609_packet - Laserfiche WebLink

Home

Rls�&Spvl� REQUEST FOR COUNCIL ACTION Date: 06/09/05 Item No. 7.f Department Approval City Manager Approval R I ip Item Description: Consider Setting a Public Hearing to Acknowledge the Expenditure of Tax - exempt Funds for Northwestern College. BACKGROUND Under Federal and State Statutes, municipalities are authorized to pledge their bond issuance authority to non - profit groups for the benefit of higher educational facilities. If a municipality expects to issue or receive tax - exempt bond proceeds, either directly or indirectly through separate establishments, it is required by federal law to hold a public hearing. The Colorado Educational and Cultural Facilities Authority intend to proceed with the issuance of tax - exempt bonds for the benefit of Northwestern College located in Roseville. The proceeds of the bonds will not exceed $9,000,000 and will be used to finance or reimburse the College for the costs of, certain higher education facilities and related costs, including but not limited to: ❖ Acquisition, renovation and equipping of an office building located at 2503 Lincoln Drive in Roseville (the `Edina Realty' building) ••• Planning and capital construction costs of campus roadways and a parking facility on the Institution's main campus located at 3 003 Snelling Avenue North in Roseville ❖ Capital campus landscaping costs on the Main Campus ❖ Fund capitalized interest on the Bonds, if any ••• Fund any required debt service reserve fund, and ••• Pay certain costs of issuance of the Bonds, including initial costs of any credit enhancement. The Bonds will not constitute a charge, lien or encumbrance upon any property of the City. Such Bonds will not be a charge against the general credit or taxing powers of the City, but are payable from sums to be paid by the Institution pursuant to a separate revenue agreement. The purpose of the public hearing is to allow for public comment on the proceeds to be expended. No special action is required by Council at the hearing. The process entails opening a public hearing, allowing for public comment (if any), and closing the public hearing. Page 1 of 6