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REQUEST FOR COUNCII, ACTION <br />Department ApprovaL Manager Reviewed <br />��� � a-- <br />Date: 1/24/2000 <br />Item No.: H- 3 <br />Agenda Section <br />Public Hearing <br />Item Description: Public Hearing for the Issuance of Tax Exempt Bonds for <br />Lutheran Social Services of Minnesota <br />Background <br />Lutheran Social Services of Minnesota, a qualified non-profit organization, has requested the City <br />of Brainerd to issue $1.8 million dollars of qualified tax-exempt bonds for the purchase of <br />computers, motor vehicles and real property improvements. Since one of the purchases will be an <br />ambulance, which will be located within the City of Roseville, federal tax law requires Roseville's <br />approval as well. <br />This type of transaction is very similar to others the City has participated in recent years e.g. <br />Children's Hospital, and St. Anne's <br />Financial Implications <br />There is no financial obligation on the part of the City of Roseville. All costs and debt service are <br />to be paid by the borrower. However, the City will receive a 1% IDB fee on the value allocated to <br />Roseville. <br />Staff Recommendations <br />Staff, including the City's bond counsel, has reviewed the request and is recommending approval <br />upon the conclusion of the public hearing. <br />Council Action <br />Motion to approve the attached resolution regarding the issuance of Revenue Bonds for Lutheran <br />Social Services of NTinnesota by the City of Brainerd and includes the City of Roseville's approval <br />for equipment to be placed with the City. <br />