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Mounds View City Council July 24, 2023 <br />Regular Meeting Page 3 <br /> <br />sitting in Council Chambers. He did not understand who the comment was directed at, but he also <br />understand there were concerns about the safety of the Council. He indicated he was bothered by <br />the fact the residents were not being referred to as residents, constituents, or voters, but rather was <br />being referred to as “these people”. He commented he would rather be referred to as “these people” <br />than a couple of you guys. He noted the Council brought this on themselves by trying to push their <br />personal agenda down the throats of residents and voters. He feared the Council was receiving bad <br />advice and things were not working. <br /> <br />8. COUNCIL BUSINESS <br />A. Public Hearing to Consider Resolution 9779, Authorizing the Issuance, Sale <br />and Delivery of Educational Facilities Revenue Notes and Approving the Form <br />of and Authorizing the Execution and Delivery of the Notes and Related <br />Documents (High School for Recording Arts Project). <br /> <br />Bond Counsel Libby Kantner requested the Council consider approval of the issuance, sale and <br />delivery of educational facilities revenue notes and approving the form of and authorizing the <br />execution and delivery of the notes for the High School for Recording Arts. She reported this was <br />a charter school in the city of St. Paul and they were looking to refinance some of their outstanding <br />debt. She explained the City of Mounds View would have no obligation to the debt but rather the <br />bonds would be the responsibility of the High School for Recording Arts. <br /> <br />Acting Mayor Meehlhause opened the public hearing at 6:18 p.m. <br /> <br />Brian Amundsen, 3048 Woodale Drive, asked if the City’s bond rating would be impacted by the <br />amount of conduit debt that it was issuing. He also questioned how much the City would receive <br />from this debt issuance. <br /> <br />Hearing no further public input, Acting Mayor Meehlhause closed the public hearing at 6:20 p.m. <br /> <br />Bond Counsel Libby Kantner explained the City would receiving a 1% issuance fee for this conduit <br />debt. She reported $6.2 million would be issued which meant the City would receive $62,000. She <br />stated the City’s bond rating would not be impacted by the number or amount of conduit debt <br />projects it has issued. <br /> <br />Acting Mayor Meehlhause asked if there was a limit to the amount of conduit bonds the City could <br />issue on a yearly basis. Bond Counsel Libby Kantner reported the limit was $10 million per year. <br /> <br />MOTION/SECOND: Lindstrom/Gunn. To Waive the Reading and Adopt Resolution 9779, <br />Authorizing the Issuance, Sale and Delivery of Educational Facilities Revenue Notes and <br />Approving the Form of and Authorizing the Execution and Delivery of the Notes and Related <br />Documents (High School for Recording Arts Project). <br /> <br /> Ayes – 4 Nays – 0 Motion carried. <br /> <br />B. First Reading and Introduction of Ordinance 1005 Amending Section 31.001 <br />(B) of the Mounds View City Code Regarding the Composition of the Council