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MINUTES <br />CITY COUNCIL <br />SEPTEMBER 28, 2011 <br />The Administrator noted that the senior housing project that Presbyterian <br />Homes operates in Little Canada. He also reported that the City will be <br />charging an issuance fee to Presbyterian Homes which would be reduced <br />from the City's standards fee, but in line with what the City of Arden Hills <br />is charging. That fee will be $65,000 plus Presbyterian Homes will be <br />paying all costs associated with the transaction. The Administrator noted <br />that the City has authorized similar transactions in the past and pointed out <br />that Briggs & Morgan is the bond counsel involved in this transaction. <br />The Administrator recommended authorization of the issuance and sale of <br />Senior Housing Revenue Notes in an amount not to exceed $12,000,000 <br />for Presbyterian Homes of Arden Hills. <br />Blesener noted that these notes will be no obligation of the City, and that it <br />is merely a use of the City's bonding authority. The Administrator <br />reported that that is correct. Montour asked if the City would have the <br />need for this bonding authority over the next couple of years. The <br />Administrator reported that the City has never issued bonds in this <br />amount. He noted that there was no need for the City's authority up to <br />$10 million for the balance of 2011, and $8 million in authority for 2012 <br />would be more than adequate. Therefore, authorizing the use of this <br />bonding authority by Presbyterian Homes will not restrict the City going <br />forward. <br />There was no one present from the general public wishing to comment on <br />this matter. <br />Upon motion by McGraw, seconded by Montour, the public hearing was <br />closed. <br />McGraw introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2011 -9 -193 — AUTHORIZING THE ISSUANCE <br />AND SALE OF SENIOR HOUSING REVENUE NOTES <br />(PRESBYTERIAN HOMES OFARDEN HILLS, INC. PROJECT), <br />SERIES 2011 B AND SERIES 2012B, IN THE ORIGINAL <br />AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED <br />$12,000,000; APPROVING THE FORM OF AND AUTHORIZING <br />THE EXECUTION AND DELIVERY OF THE NOTES, LOAN <br />AGREEMENTS, AND CERTAIN RELATED DOCUMENTS; AND <br />PROVIDING THE SECURITY, RIGHTS, AND REMEDIES WITH <br />RESPECT TO THE NOTES <br />The foregoing resolution was duly seconded by Montour. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />6 <br />