Agenda Packets - 2023/08/14 - Laserfiche WebLink

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Mounds View City Council July 24, 2023 Regular Meeting Page 3 1 being referred to as "these people". He commented he would rather be referred to as "these people" 2 than a couple of you guys. He noted the Council brought this on themselves by trying to push their 3 personal agenda down the throats of residents and voters. He feared the Council was receiving bad 4 advice and things were not working. 5 6 8. COUNCIL BUSINESS 7 A. Public Hearing to Consider Resolution 9779, Authorizing the Issuance, Sale 8 and Delivery of Educational Facilities Revenue Notes and Approving the Form 9 of and Authorizing the Execution and Delivery of the Notes and Related 10 Documents (High School for Recording Arts Project). 11 12 Bond Counsel Libby Kantner requested the Council consider approval of the issuance, sale and 13 delivery of educational facilities revenue notes and approving the form of and authorizing the 14 execution and delivery of the notes for the High School for Recording Arts. She reported this was 15 a charter school in the city of St. Paul and they were looking to refinance some of their outstanding 16 debt. She explained the City of Mounds View would have no obligation to the debt but rather the 17 bonds would be the responsibility of the High School for Recording Arts. 18 19 Acting Mayor Meehlhause opened the public hearing at 6:18 p.m. 20 21 Brian Amundsen, 3048 Woodale Drive, asked if the City's bond rating would be impacted by the 22 amount of conduit debt that it was issuing. He also questioned how much the City would receive 23 from this debt issuance. 24 25 Hearing no further public input, Acting Mayor Meehlhause closed the public hearing at 6:20 p.m. 26 27 Bond Counsel Libby Kantner explained the City would receiving a 1 % issuance fee for this conduit 28 debt. She reported $6.2 million would be issued which meant the City would receive $62,000. She 29 stated the City's bond rating would not be impacted by the number or amount of conduit debt 30 projects it has issued. 31 32 Acting Mayor Meehlhause asked if there was a limit to the amount of conduit bonds the City could 33 issue on a yearly basis. Bond Counsel Libby Kantner reported the limit was $10 million per year. 34 35 MOTION/SECOND: Lindstrom/Gunn. To Waive the Reading and Adopt Resolution 9779, 36 Authorizing the Issuance, Sale and Delivery of Educational Facilities Revenue Notes and 37 Approving the Form of and Authorizing the Execution and Delivery of the Notes and Related 38 Documents (High School for Recording Arts Project). 39 40 Ayes — 4 Nays — 0 Motion carried. 41 42 B. First Reading and Introduction of Ordinance 1005 Amending Section 31.001 43 (B) of the Mounds View City Code Regarding the Composition of the Council 44 and Establishing a Vice Acting Mayor. 45 46 City Attorney Riggs requested the Council introduce an Ordinance that would amend Section