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CITY COUNCIL <br />AGENDA ITEM 1D <br /> <br /> <br />STAFF ORIGINATOR: Sarah Cotton, Finance Director <br /> <br />MEETING DATE: November 26, 2018 <br /> <br />TOPIC: Consider Resolution No. 18-167, Consenting to the Redemption <br />of a Revenue Note (YMCA Project), Series 2006A <br /> <br />VOTE REQUIRED: 3/5 <br /> <br /> <br />BACKGROUND <br /> <br />On June 28, 2006, the City of Lino Lakes issued Revenue Note (YMCA Project), Series 2006A <br />and loaned the proceeds to the Young Men’s Christian Association of the Greater Twin Cities <br />to finance a portion of the costs associated with the Lino Lakes YMCA Project. <br /> <br />The YMCA would like to refinance the Project, along with other recreational facilities owned, <br />and has requested that the City of White Bear Lake issue its revenue obligations, a portion of <br />which will be utilized to refinance the City’s o utstanding Series 2006A Note. <br /> <br />Per Minnesota State Statutes, a municipality is authorized to issue bonds to finance or refinance <br />a project located in another municipality if the governing body of the municipality in which the <br />project is located consents by resolution to the issuance of the bonds. In order for the City of <br />White Bear Lakes to issue the Revenue Obligations, the City of Lino Lakes must “consent to” <br />and approve the issuance of the bonds. <br /> <br />RECOMMENDATION <br /> <br />Staff recommends approval of Resolution No. 18-167. <br /> <br />ATTACHMENTS <br /> <br />Resolution No. 18-167 <br />