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<br />City Council Minutes - 08/19/02 <br />Page 15 <br /> <br />Mr. Miller stated that Council, in approval of the bond <br />issue, would be departing from past practice of relying <br />on the legal opinion from the City's Bond Counsel, <br />Briggs and Morgan, and relying on the opinion of the <br />law firm of Ice Miller based in Indianapolis, IN. <br /> <br />Acting Mayor Kough spoke in favor of the bond issue. <br /> <br />Councilmember Klausing expressed concern regarding <br />potential legal challenges, and the City's Bond Counsel, <br />Jenny Grain of Briggs and Morgan, responded that the <br />pervasively sectarian test application may be less subject <br />to challenge, but that Briggs and Morgan were not <br />willing to provide an unqualified opinion with respect to <br />the validity of the bonds issued. <br /> <br />Kough moved establishment of a public hearing for <br />September 23, 2002 for the purposes of issuing up to <br />$10,000,000 in tax -exempt Revenue Bonds for <br />Northwestern College. <br /> <br />The motion died for lack of second. <br /> <br />E. <br /> <br />Consideration of Issuing Tax-Exempt Bonds for <br />Presbyterian Homes and Setting a Public Hearing for <br />September 23, 2002 <br />Finance Director Miller reviewed the background of this <br />request of Presbyterian Homes of Arden Hills, Inc. for <br />the City to provide tax-exempt financing for the purposes <br />of refinancing existing debt for their Roseville facilities. <br /> <br />Maschka moved, Klausing seconded establishment of a <br />public hearing for September 23, 2002 for the purposes <br />of issuing up to $8,925,000 in tax-exempt Revenue <br />Bonds for Presbyterian Homes of Roseville. <br /> <br />Ayes: <br />Nays: <br /> <br />Roll Call <br />Maschka, Kough and Klausing. <br />None. <br /> <br />Call Public Hearing <br />Tax-Exempt <br />Bond Issue for <br />Presbyterian <br />Homes <br /> <br />F. Establish a Public Hearing on September 23, 2002 to Call Public Hearing <br />