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FI <br />INANCIALMPACTS <br />31 <br />All costs of debt issuance will be paid by the applicant, along with a $2,500 application fee and an <br />32 <br />estimated administrative fee of $66,000 to offset on-going legal compliance and reporting costs. <br />33 <br />SR <br />TAFF ECOMMENDATION <br />34 <br />Staff has reviewed the application and believes all necessary legal and financing provisions will be met. <br />35 <br />Staff recommends the Council set a public hearing to consider the issuance of tax-exempt bonds for Charter <br />36 <br />Schools Development Corporation and Hiawatha Academies. <br />37 <br />RCA <br />EQUESTEDOUNCILCTION <br />38 <br />Motion to approve the attached resolution authorizing the sale and issuance of approximately $6.6 million <br />39 <br />in tax-exempt revenue bonds, for the Charter Schools Development Corporation and Hiawatha Academies. <br />40 <br />41 <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: Resolution as prepared by Bond Counsel setting a public hearing to authorize the sale of <br />approximately $6.6 million in tax-exempt revenue bonds for Charter Schools Development Corporation <br />and Hiawatha Academies. <br />Page 2 of 2 <br />