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<br />City Council Regular Meeting - 06/12/06 <br />Minutes - Page 12 <br /> <br />He further advised that he would look into the 2003 financials, <br />and determine where the error was, and provide updated and <br />accurate information to the City Council. <br /> <br />Mayor Klausing and Councilmembers expressed their <br />appreciation for the detailed information, particularly going into <br />the 2007 budget process. <br /> <br />Mr. Miller advised that he would await Council direction as to <br />whether they wished to have a separate discussion on Ms. <br />Heaton's recommendations, or to use the recommendations as <br />part of their 2007 budget process. <br /> <br />7. <br /> <br />Hold a Public Hearing to Consider the Issuance of Conduit <br />Debt for Wingspan Life Resources <br />Mayor Klausing opened the Public Hearing at 8: 10 p.m. <br /> <br />Finance Director Chris Miller advised that, under Minnesota <br />Statutes, Sections 469.152 through 469.1651, municipalities <br />were authorized to issue revenue bonds on behalf of non-profit <br />agencies for the purposes of providing housing or long-term <br />healthcare facilities. Mr. Miller noted that the bonds were <br />considered conduit debt, and did not constitute a financial <br />obligation in any part by the City; but that the City must still <br />meet all legal requirements prior to issuing any tax-exempt <br />bonds. Mr. Miller advised that the facilities being financed <br />would include a four-bed healthcare facility in the City of <br />Roseville, in addition to facilities in the Cities of S1. Paul and <br />Bloomington. Mr. Miller noted that the facility in Roseville <br />would be located at 2949 Woodbridge Street. <br /> <br />At the request of Mayor Klausing, Mr. Steve Fenlen, Midwest <br />Healthcare Capital, representing the non-profit applicant, <br />reviewed the purpose of conduit financing for the tax-exempt <br />status; lowest-possible interest rate; and rationale for using the <br />City of Roseville, rather than the City of Bloomington or S1. Paul <br />for this particular bond issue. <br /> <br />Finance Director Miller noted that the total amount of conduit <br />financing provided by Roseville would be $1,400,000; with the <br />City retaining one percent (1 %) of the amount financed <br /> <br />Resolution 10407 <br />Public Hearing <br />Issuance of Conduit <br />Debt for Wingspan <br />Life Resources <br />