2014.05.19 CC Minutes - Laserfiche WebLink

Home

Hugo City Council Meeting Minutes for May 19, 2014 Page 4 of 5 Approve Resolution Calling for Public Hearing on the Issuance of Charter School Revenue Bonds — Briggs & Morgan The City had been asked to consider issuing Charter School Lease Revenue Bonds, in an amount of no more than $20 million, on behalf of CS Property Noble, LLC (CSPN). CSPN is a Minnesota nonprofit liability company. CSPN will use the bond proceeds to finance the acquisition, construction, and equipping of an approximately 95,000 square foot school facility in Brooklyn Park to be leased to Noble Academy. Noble Academy is approved as a K-8 charter school by the Minnesota Department of Education. CSPN will pay the City an issuance fee of 0.25% of the par amount of the bonds. Although this will preclude the City from issuing additional bonds in 2014, the City has no further plans to borrow this year. Briggs and Morgan, the City's bond counsel, has reviewed this request and finds it to be a proper use of the City's bonding authority. The City of Hugo is only serving as the bond issuer and will have no obligations for repaying investors. Mary Ippel of Briggs and Morgan was in attendance to address any concerns the City Council may have had. At the request of the Mayor, Mary explained municipal financing to the many high school students in attendance. Haas made motion, Bronk seconded, to schedule RESOLUTION 2014-15CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF CHARTER SCHOOL REVENUE BONDS AND AUTHORIZING THE PUBLICATION OF A NOTICE OF HEARING (NOBLE ACADEMY PROJECT). All Ayes. Motion carried. Update on the Yellow Ribbon Network Council Member Chuck Haas and Phil Klein provided an update to the Council on the City of Hugo's Yellow Ribbon Network activities. Haas informed the Council that May Hamburger Night will be sponsored by WSB Engineering and the Johnson Turner Law Firm. He provided pictures from the departure ceremony for more than 200 members of Minnesota's 34th Combat Aviation Brigade and the 147th Attack Helicopter Battalion held in St. Paul on Saturday. Chuck also explained the purpose of the Yellow Ribbon Network to the high school students in the audience. Health Partners & Children's Clinic Anniversary Celebration May 20, 2014 City Administrator Bryan Bear reminded Council of the meeting scheduled for the special ribbon cutting ceremony to celebrate the one year anniversary of the new Health Partners & Children's Clinic. The event will be held on Tuesday, May 20, 2014 from 3:30-4:00 pm at the Clinic located at 14701 Victor Hugo Boulevard. Schedule Joint Meeting with the RCWD Board of Managers for May 28, 2014 At its May 5, 2014 meeting, Council discussed the request from the Rice Creek Watershed District Board of Managers for a joint meeting with the Hugo City Council. Staff had worked with the RCWD on the date and time to meet. City Administrator Bryan Bear requested Council schedule the meeting for Wednesday, May 28, 2014 at noon for a BBQ lunch.