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City Council Regular Meeting — 09/27/04 <br />DRAFT Minutes - Page 9 <br />Councilmember Ihlan continued to question the advantages <br />for the City of Roseville's participation. <br />Finance Director Miller reiterated his comments regarding <br />the presence of Presbyterian Homes in the community and <br />in surrounding communities; as well as the services <br />provided to Roseville residents, and the City's continuing <br />attempts to facilitate businesses in the community through <br />participations such as this bond issue. <br />Councilmember Kough noted the recent bond issue <br />provided by Northwestern College similar to this request. <br />City Manager Beets noted that Presbyterian Homes, should <br />their project receive approval at Hamline Shopping Center, <br />would probably seek similar conduit financing from other <br />communities to build that project. <br />Mayor Klausing sought clarification that the City's service <br />as a conduit for this bond issue did not count against the <br />City's financial standing or ability to levy. <br />Finance Director Miller concurred with Mayor Klausing's <br />interpretation that the City's financial standing or levying <br />ability was not affected or impacted. Mr. Miller clarified <br />that this issue only applied to the 2004 fiscal year bonding <br />authority; and that the City was not considering any <br />bonding prior to the end of 2004, nor was there time <br />available to put such an issue together at this late date. <br />Councilmember Maschka noted, and Finance Director <br />Miller confirmed, that the City made money on the bond <br />issue by serving as a conduit. <br />Councilmember Ihlan sought further clarification, provided <br />by Finance Director Miller, regarding bond counsel <br />involvement; and administrative fees paid to the City. <br />Mayor Klausing requested that staff return at a later <br />meeting for further discussion of the City's current policies, <br />