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<br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br />Agenda Section Meeting Date <br />Consent .L~u ust 21, 2006 <br />Item Description <br />Resolution .LL\ppro\ring tlle Issuance of Re-~lenue Bonds lJnder <br />tlle IvIinnesota Ivfurucipal Industrial.L\ct by Sllerburne County, <br />rvIinnesota <br /> <br />Item Number <br />3.8.* <br /> <br />Prepared by <br />Lori 011nson, Ci T Administrator <br />Reviewed by <br /> <br />Introduction <br />Guardian ...Angels Healtll Sel\Tices llas been \vorking \Vitll Sllerburne County to issue bonds to fund <br />unpro\Telnents and expansion of an existing llealtll care facility at its campus on E'vans .L'\'venue. TIle City <br />is required to appro\Te tlle issuance by the County. <br /> <br />Discussion <br />TIllS issue includes dle refunding of outstanding bonds issued by tlle city in 1998. State Statute requires <br />tllat the city adopt tlus resolution authorizing tile county to finance tlle project and to refund the 1998 <br />bonds issued by dle city. i\ppro\Ting tlle issuance of tllese bonds \vill not affect the city's debt limit or <br />bond rating in any \vay. TIle resolution has been re\Tie\ved and appro\Ted by tlle city's bond counsel. <br /> <br />Financial Impact <br />None <br /> <br />Attachments <br />. Resolution Appro\Ting tile Issuance of Revenue Bonds under tlle IvIinnesota Ivlunicipal Industrial.L~ct <br />by Sllerburne County, IvIinnesota <br />. Email Excerpt from CatllY Nutzlnann, Senior Paralegal for ..c\ttorney for Guardian .L~ngels Healtll <br />Sel\Tices <br /> <br />Action Requested <br />TIle City Council is asked to consider Resolution .t\pproving tlle Issuance of Rev~enue Bonds under tlle <br />Ivlinnesota :r~vfunicipal Industrial.L'\ct by Sllerburne County, 1YIinnesota. <br /> <br />Council Action <br /> <br />i\fotion by _ <br /> <br />Second by _ <br /> <br />'.Tote <br /> <br />Follow Up <br /> <br />S:\Council\Lon\200G\Guardian Angel Bonds.doc <br />