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REQUEST FOR ACTION <br />To Item Number <br />Ci ~ Council 5.3.A & B <br />Agenda Section Meeting Date Prepared by <br />Administration October 15, 2007 Tim Simon, Finance Director <br />Item Description Reviewed by <br />A. Ordinance Authorizing the Issuance of Not to Exceed Lori ohnson, Ci Administrator <br />$12,000,000 General Obligation Bonds by the Economic Reviewed by <br />Development Authority fox the City of Elk River <br />B. Resolution Authorizing a Continuing Disdosute <br />Undertaking with Regard To The Issuance of $10,000,000 <br />General Obligation Bonds, Series 2007 of the Economic <br />Develo ment Authoxi fox the Citv of Elk River <br />Action Requested <br />It is requested that the Mayor and City Council adopt the following: <br />Ordinance No._ Authorizing The Issuance Of Not To Exceed $12,000,000 General Obligation <br />Bonds By The Economic Development Authority Pox The City Of Elk River, Minnesota; <br />Providing Fox The Form And Details Thereof, And Authorizing The Economic Development <br />Autharity Far The City Of Elk River, Minnesota, To Pledge The Full Faith, Credit And <br />Resources Of'1'he City Of Elk River, Minnesota, Fox The Security And Payment of The Bonds. <br />• Resolution 07- Authorizing A Continuing Disclosure Undertaking With Regard To The <br />Issuance Of $10,000,000 General Obligation Bonds, Series 2007 of The Economic <br />Development Authority For The City Of Elk River, Minnesota. <br />Background/Discussion <br />The Economic Development Authority is issuing bonds to construct a recreational facility to be leased to <br />the YMCA. The bonds are General Obligation of the EDA/City and as such axe secured by a pledge of <br />the EDA/City. The City shall give specific consent in an ordinance to the pledge of the City's full faith, <br />credit, and resources fox the bonds. The City is also responsible fox Continuing Disclosure with the <br />bonds. <br />Financial Impact <br />The EDA will levy far the debt service which can be written down on an annual basis. <br />Attachments <br />• An Ordinance Authorizing The Issuance Of Not To Exceed $12,000,OOOGenexal Obligation <br />Bonds By The Economic Development Authority For'The City Of Elk River, Minnesota; <br />Providing For The Foxm And Details Thereof; And Authorizing The Economic Development <br />Q\Documents and Settings\jmillex\Local Settings\Tempoxary Internet Files\OLK3E\YMC.Abondconrinwng disdosuxe.doc <br />