City Council Meeting Date: October 7, 2025
To: Mayor and City Council
City Administrator
From: Brenda Angelstad, Finance Director
Title
Consider Resolution Providing for the Issuance and Sale of a Hospital Revenue Refunding Bond, Series 2025C and Authorizing Execution of an Amended and Restated Indenture of Trust and Related Documents
Body
Action Requested:
The Northfield City Council approves the Resolution providing for the issuance and sale of a Hospital Revenue Refunding Bond, Series 2025C and authorizing execution of an amended and restated indenture of Trust and related documents
Summary Report:
The City previously issued its Hospital Revenue Bond, Series 2015B (the “Series 2015B Bond”); which have a balloon payment due on November 1, 2025.
The Hospital now plans to refund and prepay the Series 2015B Bond by issuing a new Hospital Revenue Refunding Bond, Series 2025C. This bond will be purchased by Wintrust Bank. As a part of the refinancing, the Hospital will also adopt a Fourth Amended and Restated Indenture of Trust (the “New Indenture”). The are minimal changes to the New Indenture since the Third Amended and Restated Indenture of Trust in 2024.
The Hospital Board has approved the issuance of the Series 2025C Bond.
Alternative Options:
None.
Financial Impacts:
Cost savings will be determined on the final bond refunding. Those savings will be realized by Northfield Hospital + Clinics.
Tentative Timelines:
The existing previously issued bonds will be repaid and the new Hospital Revenue Funding Bond, Series 2025C will be issued before the end of October.