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REQUEST FOR COUNCIL ACTION , Date: � O/Q9/200C Tt�m No: 6. Dc�rt�nc�t Approval: Manager Approved: Agenda Section: � � � �� Item Description: 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 refinancingof debt that had previously been issued. On September 18, 2006, the City Council set a public hearing for October 9, 2006, to consider this matter. The purpose of the public hearing is to allow for public comment on the proceeds to be expended. The process entails opening a public hearing, allowing for public comment (if any), closing the public hearing, and passing the attached resolution. Attachment 1) Resolution giving host city approval for the issuance of tax-exempt bonds by the Colorado Health Facilities Authority on behalf of the Evangelical Lutheran Good Samaritan Society. Staff Recommendation Staff recommends the Council approve the attached resolution host city approval to issuing tax- exempt bonds by the Evangelical Lutheran Good Samaritan Society in the City of Roseville. Council Action Requested Motion to approve the attached resolution giving host city approval to issuing tax-exempt bonds by the Evangelical Lutheran Good Samaritan Society.