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I I~ I I I I I I I I- I I I I I I I. I I MINUTES CITY OF ARDEN HILLS, MINNESOTA REGULAR CITY COUNCIL MEETING AUGUST 14, 1995 7:30 P.M. - NEW BRIGHTON CITY HALL CALL TO ORDERlROLL CALL Pursuant to due call and notice thereof, Mayor Dennis Probst called to order the regular City Council meeting at 7:30 p.m. Present: Mayor Dennis Probst; Councilmembers Beverly Aplikowski, Dale Hicks, Paul Malone and Susan Keirn. Also present were: City Administrator, Brian Fritsinger; City Accountant, Terry Post; Community Development Director, Kevin Ringwald; City Engineer, Greg Stonehouse; City Attorney Jerry Filla; and Recording Secretary, Ruth McLaurin. ADOPT AGENDA MOTION: Hicks moved and Keirn seconded a motion to adopt the agenda for the August 14, 1995 City Council meeting as presented. The motion carried lInRnimously (5-0). PUBLIC REARING-PRESBYTERIAN HOMES REALm CARE REVENUE BOND Mayor Probst opened the Public Hearing at 7:31 p.m. City Adminil:trator Fritsinger verified publication of the notice in the July 25th edition of the Focus. Mayor Probst briefly explained the procedures of a Public Hearing, he indicated first staff will give a brief presentation, Council will comment and then the public will have an opportunity to comment and ask questious. Mayor Probst indicated the Public Hearing is being held in regard to consider the issuance of Health Care Revenue Bonds. City Administrator Fritsinger indicated the proposed amount of the bond is $2,250,000. The issuance of the Bond would accomplish several things: 1. Refinance existing outstanding bonds of$619,000. 2. Refinance existing line of credit of approximately $500,000. 3. Improve cash flow of organization by reducing the existing interest rate on debt from 8.3% and 9% to 6.5%. 4. Finance additional site improvements/renovations.