Agenda - Council - 08/13/2013 - Laserfiche WebLink

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Alternative # 1: Accept Issuance of Conduit Debt for Pact Charter School with City assuming no liability and Pact Charter School responsbile for any additional interest costs incurred in regards to the City's Equipment Certificate issuance - approximately $9,000. Alternative #2. Denying Issuance of Conduit Debt for Pact Charter School. Pact would have to find another government agency to issue on their behalf to take advantge of lower interest rates via conduit borrowing. Pact would still be responsible for paying the city the additional interest costs on the issuance of Capital Equipment Certficates - approximately $9,000. Recommendation: Staff recommends approval of of Resolution #13-08-132 authorizing the issuance of lease revenue bonds to refinance a public school project with Pact Charter School to pay the City of Ramsey $25,000 per the Conduit Debt Policy and approximately $9,000 of additional interest expense related to the City's issuance of Capital Equipment Certificates. Funding Source: Incurred expenses will be paid by Pact Charter School. Council. Action: Motion to recommend City Council adoption of Resolution #13-08-132 authorizing the issuance of lease revenue bonds to refinance a public (charter) school project pursuant to Minnesota Law, and authorizing the execution of various documents in connection with the Pact Charter School Project. Attachments Resolution # 13-08-132 Authorize Issuance Lease Revenue Bonds - Pact Bond Purchase Agreement - Pact Official Statement Indenture of Trust -Pact Amended & Restated Mortgage - PACT Escrow Agreement - Pact Loan Agreement - Pact Pledge & Covenant Agreement - Pact Continuing Disclosure Aureement - Pact Form Review Inhox Reviewed By Date Kurt Ulrich Jo Thieling 08/07/2013 11:31 AM Diana Lund (Originator) Diana Lund 08/08/2013 10:23 AM Form started 13y: Diana Lund started On: 07/25/2013 02:21 PM Final Approval Date: 08/08/2013