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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 /> 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 the 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 /> On Tuesday,Mark Ruff of Ehlers 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 requiring a 40 percent reserve. <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 /> • Action Requested <br /> EDA <br /> A. 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 /> B. Consideration of a resolution authorizing the issuance of City Hall Expansion <br /> Revenue Bonds Series 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 /> 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 /> B. 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 />