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Council agrees to issue up to $50 million in conduit debt for Country Manor, updates debt-fee policy
Summary
Brainerd City Council approved issuing up to $50 million in conduit debt for the Country Manor project and amended the city—s debt management policy to set an administrative fee and require the borrower to cover issuance costs.
The Brainerd City Council on Jan. 21 authorized the city to issue conduit debt of up to $50,000,000 for the Country Manor housing project and amended Section 5 of the city—s debt management policy to set the administrative fee and payment responsibilities for issuance costs.
Finance Director Connie Hillman told council the city has not issued conduit debt in several years and outlined a recommended arrangement: the borrower would pay all expenditures the city incurs…
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