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POLICY OBJECTIVE <br />Generally speaking, the public policy reason for City participation in these financings is to promote greater <br />investment in the City's higher educational facilities than Would otherwise occur by market factors alone. <br />Allowing the bonds to be issued tax - exempt makes the bonds more attractive to investors and results in <br />lower borrowing costs compared to traditional financing methods. This in turn, provides more available <br />dollars for the proposed project. <br />FINANCIAL IMPACTS <br />Not applicable. <br />STAFF RECOMMENDATION <br />Staff recommends the Council set a public hearing to acknowledge the expenditure of tax - exempt funds by <br />Northwestern College. <br />REQUESTED COUNCIL ACTION <br />Motion to adopt the attached resolution establishing a public hearing for June 30, 2005 for the purposes of <br />acknowledging the expenditure of tax - exempt funds by Northwestern College. <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: Enclosed is a resolution setting the public hearing, as prepared by Bond Counsel. <br />Page 2 of 6 <br />