12-19-07 Council Minutes - Laserfiche WebLink

Home Browse Search

MINUTES CITY COUNCIL DECEMBER 19, 2007 The foregoing resolution was duly seconded by Allan. Ayes (5). Nays (0). Resolution declared adopted. CITY Blesener indicated that a workshop meeting earlier this evening at which ADMINIS- the Council conducted the City Administrator's performance evaluation. TRATOR Blesener noted that the City Administrator does an excellent job for the City and is greatly respected by the Council. ST. JOHN'S Blesener noted that the City has been asked by St. John's Church to lend SCHOOL its tax exempt financing status to them relative to the refinancing of the REFINANCING St. John's School project. Blesener noted that there will be no liability or consequences to the City in doing do. St. John's will be responsible for this debt. Al Erickson, Catholic Finance Association, appeared before the Council requesting approval of the issuance and sale by the City for an Educational Facilities Revenue Note for the refinancing of school project debt in the amount of $1.8 million. He noted that the City is at no risk in doing do, St. John's has sole responsibility relative to repayment of this loan. He noted that the refinancing amounts to $2.2 million, however, the City can only lend its tax-exempt status to debt that is associated with the school for educational purposes. It was noted that the appropriate public hearing has been held on this matter. The City Administrator reported that the necessary documents have been submitted, reviewed, and are in order. Ms. Allan introduced the following resolution and moved its adoption: RESOLUTION NO.2007-I2-318 -APPROVING THE ISSUANCE AND SALE OF THE CITY OF LITTLE CANADA, MINNESOTA EDUCATIONAL FACILITIES REVENUE NOTE (ST. JOHN THE EVANGELIST SCHOOL PROJECT, SERIES 2007, AND AUTHORIZING THE EXECUTION OF THE DOCUMENTS RELATING THERETO The foregoing resolution was duly seconded by Montour. Ayes (5). Nays (0). Resolution declared adopted. 2