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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 484 -2177 / FAX: (651) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: June 18,1999 <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />RE: Public Hearing for the Issuance of Refunding Revenue Bonds for Presbyterian <br />Homes <br />Attached is a notice of public hearing and a draft resolution giving host approval to the issuance <br />of revenue bonds, authorizing execution of a joint powers agreement and ratifying preparation <br />and publication of a notice of hearing for the Presbyterian Homes obligated group project. <br />Presbyterian Homes is refunding the bond issued by the City of Little Canada in 1992, The City <br />of Arden Hills is the sponsoring agency for these bonds. They were chosen because Arden Hills <br />had no plans for the issuance of bonds in 1999 whereas Little Canada did. Given the size of this <br />project, issuance of these bonds by our community would have triggered requirements that <br />would have had a negative impact on the bonds we planned to issue for City projects. <br />Subject to any comments by the City Attorney, I would recommend approval of the draft <br />resolution as proposed. <br />JRH:kpp <br />Enclosure <br />PAGE 181 <br />