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MINUTES <br />CITY COUNCIL <br />JANUARY 28, 2009 <br />Mr. Keis introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2009-I-27-ADJOURNING THE ECONOMIC <br />DEVELOPMENTAUTHORITYMEETINGAND RECONVENING <br />THE CITY COUNCIL MEETING <br />The foregoing resolution was duly seconded by Boss. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />VOUCHERS Mr. Blesener introduced the following resolution and moved its adoption: <br />RESOLUTIONNO. 2009-I-28 -APPROVING THE VOUCHERS <br />The foregoing resolution was duly seconded by Keis. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />WALDORF The City Administrator reviewed his report dated January 23, 2009 <br />SCHOOL relative to the Waldorf School's request that Little Canada act as the <br />CONDUIT issuer for atax-exempt revenue note. The Administrator noted that <br />FINANCING this debt would not be an obligation of the City; however, the amount of <br />the debt would count against the City's $10 million bank-qualified limit <br />which cities are limited to in any given year. The Administrator reported <br />that Waldorf is seeking a $2.4 million note. He noted that Waldorf School <br />would have to have the appropriate credit backing to support the debt. He <br />anticipated that given the City's 2009 improvement projects and HIA <br />projects, Little Canada would still have $5 million of debt capacity within <br />the $10 million limit. The Administrator noted that the Waldorf School is <br />located in Maplewood. Maplewood is not interested in issuing this debt as <br />they are concerned about running up against their $10 million limit. <br />The Administrator indicated that if the City agrees to act as the issuer for <br />this revenue note, Waldorf School will pay all the City's costs associated <br />with the issuance as well as a 1 % fee of approximately $24,000 for acting <br />as the issuer. He noted that the City has done this in the past, and <br />recommended that the City move forward. A public hearing would be <br />held on February 11, 2009 relative to the issuance. <br />It was the consensus of the City Council to move forward in the process <br />acting as the issuer of a Waldorf School Revenue Note as recommended <br />by the City Administrator. <br />