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Item No: 8A. MOU--N-DitSVVWW Meeting Date: July u 2023 ness Type of Business: Council Business Administrator Review: City of Mounds View Staff Report To: Honorable Mayor and City Council From: Mark Beer, Finance Director Item Title/Subject: Public Hearing to Consider Resolution 9779 Authorizing the Issuance, Sale, and Delivery of Educational Facilities Revenue Notes and Approving the Form of and Authorizing the Execution and Delivery of the Notes and Related Documents (High School for Recording Arts Project) Introduction: The City Council is asked to consider a proposal to use conduit debt financing to finance the acquisition, renovation, improvement and equipping of the School Facility located at 1166 University Avenue in the City of Saint Paul, Minnesota. The Notes are proposed to be purchased by North Star Bank, a Minnesota banking corporation (the "Lender"). The preliminary revenue note amount is $6,200,000 and the City will receive a 1 % ($62,000) issuance fee for the use of the City's lending authority. The revenue note will not constitute a general or moral obligation of the City and will not be secured by or payable from any property or assets of the City. The note will not be secured by any taxing power of the City. Discussion: This will constitute final approval and authorize the issuance of the debt, this debt will be bank qualified and utilize a portion of the City's annual allocation. There are no planned needs to issue bank qualified debt by the City in 2023. All costs related to the issuance are born by the Requestor and not the City. The City is represented by Kennedy & Graven and Libby Kantner will be in attendance to answer any questions the Council may have. Recommendation: Staff recommends that Council review the information, ask questions and if comfortable approve Resolution 9779. Respectfully submitted, Marla weer Mark Beer Finance Director