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MINUTES <br />CITY COUNCIL <br />JUNE 14, 2017 <br />issue up to $10,000,000 of "bank qualified" bonds each calendar year, and <br />this request is to use $7,375,000 of that allotment. The Finance Director <br />stated that issuing these bonds will not affect the City's credit rating nor <br />create any financial liability. It will simply reduce the amount of bonds <br />the city could issue for the remainder of the year and the City has no plans <br />for the issuance of other debt in 2017. <br />Montour explained that the City has done conduit financing a few times in <br />the past. He stated that the City will have no liability, but will receive an <br />administration fee of around $18,000 for participating. <br />McGraw clarified that no Little Canada City Council members are in any <br />way connected to Saint Paul Academy and Summit School. He stated that <br />the City is simply participating in this financing because there is no risk to <br />the taxpayers, and the City will receive a fee. <br />Montour asked if all of the agreements have been reviewed by the City <br />Attorney. Catherine Courtney, attorney with Briggs & Morgan, stated <br />they are the City's bond council and are preparing the documents for this, <br />so there is no need for the City Attorney to review anything. McGraw <br />asked how often this type of conduit financing is done. Ms. Courtney <br />stated it is very common for non-profit entities to participate in this <br />because it reduces borrowing costs, and it is what she spends most of her <br />time doing. <br />There was no one present from the general public wishing to comment on <br />this matter. <br />Upon motion by Montour, seconded by Fischer, the public hearing was <br />closed. <br />Montour introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2017-6-100 — APPROVING THE ISSUANCE OF <br />EDUCATIONAL FACILITIES REVENUE REFUNDING NOTES <br />FOR SAINT PA UL ACADEMYAND SUMMIT SCHOOL PROJECT <br />FOR THE AMOUNT AND TERMS AS SUBMITTED BY BRIGGS & <br />MORGANAND THE CITYADMINISTRATOR <br />The foregoing resolution was duly seconded by McGraw. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />E <br />