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CC_Minutes_2009_0629
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Roseville City Council
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Council Minutes
Meeting Date
6/29/2009
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Regular City Council Meeting <br />Monday, June 29, 2009 <br />Page 23 <br />a. Discussion on Policy and Procedures related to the Issuance of Conduit Debt <br />Finance Director Chris Miller reviewed a proposed procedure and policy for ap- <br />plication to the City of Roseville for private activity revenue bond financing (con- <br />duit financing) for tax exempt bond issues for the benefit of housing and long- <br />term care facilities. Mr. Miller noted that this was staffls and the city's bond <br />counsel's response to previous City Council discussions expressing an interest in <br />amore formal comprehensive policy; and a comparison of the City's existing pro- <br />cedures compared to those of other communities. <br />Mr. Miller advised that the majority of the proposed policy affirmed historical and <br />current practice, but takes it to a higher level, and referenced page three of the <br />draft for addressing application fees beyond those recouped for administrative <br />costs, and taking into consideration ongoing financial reporting costs required; <br />and provided extra transparency measures to ensure applicants were continuing to <br />report to regulatory agencies and making applicable findings as required by Stat- <br />ute. <br />Mr. Miller further noted that some cities (i.e., St. Louis Park) were recouping ad- <br />ditional fees for specific application with which they were dedicating funding to <br />meet other community housing needs having no consistent revenue source. <br />Mr. Miller noted that Councilmember Roe had already alerted staff to the lack of <br />procedure in the draft of host city approval, when another host city is the entity. <br />Councilmember Roe clarified for staff that he was considering entities outside <br />Roseville who do a project, but come to the City of Roseville with the bond issue <br />request; noting that many communities (i.e., Falcon Heights) encouraged that to <br />receive the administrative fees as an additional revenue source. Councilmember <br />Roe opined that those type of policy issues were his intent for further discussion; <br />whether the City would accept applications for anything, anywhere, or if there <br />was a threshold in issuing bonds for projects outside the community <br />For the benefit of the public, Mayor Klausing clarified that this discussion was <br />only related to conduit financing, not City bond issues for the City to borrow <br />funds. <br />Discussion included how conduit bonding requests impacted the City's bond rate, <br />with staff continually monitoring potential bonding needs short and long-term to <br />avoid adverse impacts on the City's bond rate. <br />Councilmember Ihlan opined that the policy discussion should be based on public <br />benefit for such financing, which was in the nature of a subsidy allowing for bet- <br />ter financing rates than available in the marketplace; and as addressed on page 1, <br />paragraph 4, consideration of what public purposes would be supported, similar to <br />criteria used for tax increment financing and similar subsidies. Councilmember <br />
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