2017.07.05 CC Packet - Laserfiche WebLink

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Approve Resolution Approving First Amendment to 2015 Educational Facility Revenue Bond The City of Hugo was asked to approve an amendment to the Financing Agreement related to the conduit bonds that were issued in 2015 on behalf of the Minnesota Autism Center. The amendment clarified and set the level of premium the Minnesota Autism Center shall pay to Wells Fargo Bank in the event of early redemption of any or all of the bonds. Although the amendment was agreed to between the two parties, any amendment to the Financing Agreement needed to be approved by the City Council since the City of Hugo issued the bonds. Adoption of the Consent Agenda approved RESOLUTION 2017-18 PROVIDING FOR THE FIRST AMENDMENT TO EDUCATIONAL FACILITY REVENUE BOND (MINNESOTA AUTISM CENTER PROJECT), SERIES 2015 AND AUTHORIZING THE EXECUTION OF DOCUMENTS RELATED THERETO. Approve Resolution Calling for a Public Hearing on the Issuance of Revenue Bonds - Minnesota Autism Center Proiect At its June 5, 2017 meeting, the Council held a public hearing on this issue; however the hearing is invalid because the City's legal newspaper failed to publish the required notice for the public hearing. The City of Hugo is being asked to consider issuing Tax -Exempt Revenue Bonds, in an amount of no more than $5.1 million, on behalf of the Autism Opportunities Foundation (the "Borrower"), a Minnesota nonprofit corporation doing business as the Minnesota Autism Center. The bond proceeds will be used to finance the acquisition, construction, and equipping of an intensive therapy center for children and adults ages 10 to 21 diagnosed with autism spectrum disorder ("ASD"). The project will be located at 2010 Silver Bell Road in Eagan, Minnesota. The Borrower has agreed to pay the City of Hugo an issuer's administrative fee of 1/4 of 1% of the principal amount of the bonds in consideration for the City of Hugo acting as issuer. A public hearing on the proposal has been scheduled for July 5, 2017. 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. Thus, the Finance Department recommended that the City Council approve a Resolution Calling for a Public Hearing on the Issuance of Revenue Bonds and Authorizing the Publication of a Notice of the Hearing. Adoption of the Consent Agenda approved the RESOLUTION 2017-19 CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF REVENUE BONDS AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (MINNESOTA AUTISM CENTER PROJECT). Approve Promotions of Rick Gregoire, Tom Kasmak, and Ron Gray to Engineer Positions on the Hugo Fire Department Fire Chief Kevin Colvard recommended Council approve the promotions of three Hugo Firefighters. Adoption of the Consent Agenda approved the appointment of Rick Gregoire, Tom Kaspszak, and Ron Gray to engineer positions on the Hugo Fire Department effective June 1, 2017.