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instead of one. Series 2002A in the amount of $8,000,000 is for the public safety building <br />and Series 2002B in the amount of $1,695,000 finances the city hall expansion. Please <br />review the bond sale reports on each of these issues for additional information. <br /> <br />As I stated earlier, the agreement between ERMU and the city will be taken drafted and <br />presented for approval by both bodies once the final debt service schedule for thc city hall <br />expansion bonds is determined. This agreement is not a legal requirement of the bond issue <br />itself; it is simply a way for the City and Utilities to formalize future payment terms. <br /> <br />On Tuesday, Mark Ruff of Eiders and Associates and I had a rating conference with <br />Moody's Investors Service to discuss the City's bond rating. The conference call went very <br />well. Unfortunately, I have not yet received the rating report; however, I received a call from <br />Moody's indicating that the City's bond rating has been upgraded to A2. The main reasons <br />for the upgrade are the City's growth in economic measures, population, and tax base; the <br />strong financial condition of the City especially the General Fund reserve; and the adoption <br />of a formal fund balance policy requiting a 40 percent reserve. <br /> <br />Mark Ruff and I will be present on Monday evening to review the results of the sale and to <br />answer any additional questions either the EDA or City Council may have regarding these <br />two bond issues. Finally, I have not attached copies of the official statements for these two <br />bond issues due to the length of the documents. If you would like to review the official <br />statements or get a copy, please let me know. <br /> <br />Action Requested <br /> <br /> EDA <br />A. <br /> <br />Consider resolution authorizing the issuance of Public Safety building Lease Revenue <br />Bonds Series 2002A and the execution and delivery of a lease agreement, a mortgage <br />and security agreement, and indenture of trust on other documents in connection <br />therewith. <br /> <br />Consideration of a resolution authorizing the issuance of City Hall Expansion <br />Revenue Bonds Seres 2002B and the execution and delivery of a supplement to <br />lease purchase agreement and a supplement to trust indenture in connection <br />therewith. <br /> <br /> City Council <br />A. Consider resolution authorizing the execution and delivery of a lease agreement and <br /> continuing disclosure undertaking for the public safety building lease revenue bonds. <br /> <br />Consider resolution authorizing the execution and delivery of a supplement to lease <br />purchase agreement and continuing disclosure undertaking for the city hall <br />expansion revenue bonds. <br /> <br /> <br />