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To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 8932 Consenting to the Issuance of Revenue <br />Obligations by the City of Saint Paul Park to Refinance <br />Obligations Issued by the City of Mounds View <br />Introduction: <br />The City Council authorized the issuance of conduit debt in 2013 to support a 50 bed <br />transitional care facility along with the City of Fridley. The borrower would like to refinance the <br />debt. The City would no longer be the issuer of the bonds and any residual obligation would <br />end. This is only a formality and the City will incur no expenses for providing consent. <br />Discussion: <br />The borrower would like to consolidate the debt into one issuer and refinance the debt <br />previously issued by the City of Mounds View and the City of Fridley. See the attached letter <br />from Julie Eddington bond council from Kennedy & Graven. <br />Recommendation: <br />Staff recommends that Council approve Resolution 8932. <br />Respectfully submitted, <br />)`1-'-'/.'--�r'--�/ C��- -- <br />Mark Beer <br />Finance Director <br />518815v2 JAE FRI10-14 <br />