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REQUEST FOR COUNCIL ACTION Date: 1/10/2000 <br />Item No.: C-3 <br />Department Approval: Manager Reviewed Agenda Section <br />�I/� ` � � Consent <br />iy <br />Item Description: Establishment of a Public Hearing for the Issuance of Tax Exempt Bonds for <br />Lutheran Social Services of Minnesota <br />Background <br />Lutheran Social Services of Minnesota, a qualified non-profit organization, has requested the City <br />of Brainerd to issue $1.8 million dollars of qualified tax-exempt bonds for the purchase of <br />computers, motor vehicles and real property improvements. Since one of the purchases will be an <br />ambulance, which will be located within the City of Roseville, federal tax law requires Roseville's <br />approval as well. <br />This type of transaction is very similar to others the City has participated in recent years e.g. <br />Children's Hospital, and St. Anne's <br />Financial Implications <br />There is no financial obligation on the part of the City of Roseville. All costs and debt service are <br />to be paid by the borrower. However, the City will receive a 1% IDB fee on the value allocated to <br />Roseville. <br />Staff Recommendations <br />Staff, including the City's bond counsel, has reviewed the request and is recommending a public <br />hearing be set for Monday January 24, 2000 at 7: 15 p.m. <br />Council Action <br />Motion to approve the establishment of a public hearing on January 24, 2000 at 7: 15 p.m., regarding <br />the issuance of Revenue Bonds on by Lutheran Social Services of Minnesota. <br />