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The total amount of conduit financing provided by Roseville is $8,000,000. The City has <br />participated in similar financing arrangements for Presbyterian Homes in 1997, 1998, and 2002. <br />The City Council is required to approve any issuance of tax-exempt financing by the City. The <br />City's Bond Counsel of Briggs & Morgan, has reviewed the legal and financing agreements, and <br />will provide an unqualified opinion as the legality of the bonds and their tax-exempt status. <br />There is no fiscal impact on the part of the City. All costs of debt issuance will be paid by the <br />applicant. In addition, the City does not intend to issue any additional direct debt in 2004. As a <br />result, this issuance will not jeopardize the "bank-qualification" Status of any new City debt <br />issues. <br />Attachment <br />a) Enclosed is a Resolution, as prepared by Bond Counsel, approving the issuance of tax <br />exempt loan participation notes (conduit financing) to Presbyterian Homes, and <br />authorizing execution of a joint powers and allocation agreement in conjunction with <br />similar financings in area cities. <br />b) Draft Joint Powers and Allocation Agreement. <br />Staff Recommendation <br />Staff has reviewed the application and believes all necessary legal and financing provisions will <br />be met. Staff recommends the Council approved the attached resolution. <br />Council Action Requested <br />Motion to approve the attached resolution authorizing the issuance of tax exempt loan <br />participation notes (conduit financing) to Presbyterian Homes, and authorizing execution of a <br />j oint powers and allocation agreement in conjunction with similar financings in area cities. <br />