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jv <br />A enda Section: Consent <br />Re ort Date November 5, 2015 <br />�i�PON Council Meeting Date November 10, 2015 <br />the city that woks for you <br />REQUEST FOR COUNCIL CONSIDERATION <br />ITEM DESCRIPTION: CONSIDERATION OF RESOLUTION CALLING A PUBLIC HEARING <br />WITH RESPECT TO REVENUE OBLIGATIONS TO BE ISSUED BY THE CITY OF LAUDERDALE <br />DEPARTMENT HEAD'S APPROVAL: <br />CITY MANAGER'S APPROVAL: <br />No comments to supplement this report Comments attached <br />Recommendation: To Adopt a Resolution Calling a Public Hearing on December 8, 2015 <br />with Respect to Revenue Obligations to be Issued by the City of Lauderdale <br />History: The Minnesota Agricultural and Economic Development Board issued Health Care Revenue <br />Bonds and Health Facility Revenue Notes for the benefit of Benedictine Care Center, a Minnesota <br />nonprofit corporation. Two separate Revenue Bonds were issued; one on March 18, 1999, in the amount <br />of $12,630,000 and the other for $7,375,000 on March 16, 2005. The Notes were issued in three <br />subseries in the amounts of $1,090,600, $1,425,150 on March 18, 1999 and the last on May10, 1999 for <br />another $1,425,150. <br />A portion of the proceeds of the Obligations were used to finance the acquisition, construction, <br />renovation, and equipping of a 105 -bed nursing home known as Benedictine Care Center at Innsbruck <br />located at 1101 Black Oak Drive in New Brighton. <br />Purpose: The Benedictine Health System has determined to refinance the New Brighton Project through <br />the issuance of revenue notes, in one or more series, as taxable or tax-exempt obligations, by the City of <br />Lauderdale, in the estimated maximum principal amount of $9,000,000. <br />The IRS revenue code of 1986, Minnesota Statutes, Sections 469.152 through 469.1655, and <br />Sections 471.59 and 471.656, require prior to the issuance of the Notes by the City of Lauderdale, the <br />City is required to conduct a public hearing on the New Brighton Project and the issuance of the Notes. <br />Financial Impact: There are no financial impacts for the City of New Brighton. <br />Brenda Davitt <br />Director of Finance <br />Attachments: Resolution <br />