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Chisago City authorizes conduit bond for TRIO Wolf Creek charter school
Summary
The council approved Resolution 25‑08‑05 allowing TRIO Wolf Creek School to use Chisago City's bonding authority to issue a tax‑exempt lease revenue note (just over $1 million). The city will serve only as conduit issuer; the school remains responsible for repayment and the issuance does not affect city credit.
Chisago City Council voted on Aug. 26 to authorize issuance of a conduit tax‑exempt lease revenue note to support TRIO Wolf Creek School's financing needs. Mike Hamernick, executive director of TRIO Wolf Creek, attended the hearing and answered council questions.
Administrator John Pechman explained the city would serve solely as a conduit issuer for the private activity bond and that the arrangement would not affect the city’s credit rating or obligate the city to repay the debt. Pechman told the council the requested borrowing amount was slightly over $1 million and that TRIO Wolf Creek would be fully responsible for repayment.
Following a public hearing with no substantive public comment, Council member Craig Meyer moved to approve Resolution 25‑08‑05 authorizing issuance of the Lease Revenue Note; Council member Marie Rivers seconded the motion and it passed unanimously. The council also approved a short agenda reordering to consider a fire department equipment request before continuing other business.
