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Department Approval: �� REQUEST FOR COUNCIL ACTION Manager Approved: Date: 9/18/2006 Item No: �, Agenda Section: Item Description: Consider Setting a Public Hearing to Acknowledge the Expenditure of Tax- exempt Funds by the Evangelical Lutheran Good Samaritan Society. Introduction Under Federal and State Statutes, municipalities are authorized to pledge their bond issuance authority to non-profit groups for the benefit of healthcare facilities. If a municipality expects to issue or receive tax-exempt bond proceeds, either directly or indirectly, it is required by federal law to hold a public hearing. The Colorado Health Facilities Authority is proceeding with the issuance of tax-exempt bonds for the benefit of the Evangelical Lutheran Good Samaritan Society, including its Roseville location located at 1415 West County Road B in Roseville. The Evangelical Lutheran Good Samaritan Society provides congregate care for persons in need. The plan submitted by the Evangelical Lutheran Good Samaritan Society, calls for a refmancing of debt that had previously been issued. The purpose of the public hearing is to allow for public comment on the proceeds to be expended. No special action is required by Council at the hearing. The process entails opening a public hearing, allowing for public comment (if any), and closing the public hearing. Attachment Enclosed is a Notice setting the public hearing, as prepared by Bond Counsel. Staff Recommendation Staff recommends the Council set a public hearing to acknowledge the expenditure of tax- exempt funds by the Evangelical Lutheran Good Samaritan Society in the City of Roseville. Council Action Requested Motion to establish a public hearing for October 9,2006, for the purposes of acknowledging the expenditure of tax-exempt funds by the Evangelical Lutheran Good Samaritan Society.