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<br /> <br />MEMORANDUM <br /> <br /> <br />TO: City Council, City of Little Canada, Minnesota <br />CC: Brenda Malinowski, Finance Director <br />FROM: Jennifer Hanson <br />DATE: September 3, 2020 <br />RE: Host Approval for Senior Living Revenue Bonds <br /> <br />The City of Little Canada (the “City”) is requested to give “host approval” to the issuance <br />by the City of Deephaven of revenue bonds (the “Bonds”) pursuant to Minnesota Statutes, <br />Chapters 462C and 462A, for the purpose of financing or refinancing costs of acquisition, <br />construction and/or improvement, of new and existing senior living facilities located in the City as <br />well as four other municipalities, as further described in a Housing Program, a form of which is <br />attached to the proposed resolution. <br />Issuance of bonds by one political subdivision to benefit a project within another is <br />permitted, subject to the provisions of Section 147(f) of the Internal Revenue Code and Minnesota <br />Statutes, Section 471.656, Subdivision 2. Section 147(f) of the Code requires public approval of <br />the bond issuance by “the governmental unit within which the financed project is located.” <br />Minnesota Statutes, Section 471.656, Subdivision 2, requires the consent of the governmental <br />unit within which the financed project is located. <br />The proposed resolution calls for a public hearing to be held by the City on October 14, <br />2020, on the issuance of the Bonds to finance the projects described in the Housing Program. <br /> <br />. <br />