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REQUEST FOR ACTION <br />To Item Number <br />Ci Council 7.4. <br />Agenda Section Meeting Date Prepared by <br />Administration December 17, 2007 Tim Simon, Finance Director <br />Item Description Reviewed by <br />Pre-Sale Report fox $2,000,000 G. O. Bonds, Series 2008 Lori ohnson, Ci Administrator <br />(YMCA Bonds) Reviewed by <br />Action Requested <br />The City Council is asked to review and approve the pre-sale report for the Sale of $2,000,000 G.O. <br />Bonds, Series 2008. <br />Background/Discussion <br />Bonds are being issued to finance the 55,000 square-foot recreational facility to be leased to the YMCA. <br />The Economic Development Authority (EDA) will be issuing the bonds due to the legal authority <br />necessary to utilize bond proceeds for a recreational facility leased to anon-profit. As you recall on <br />October 15, 2007 the EDA issued $10,000,000 of the total $12,000,000 in General Obligation bonds in <br />order to keep the bonds bank qualified. The remaining $2,000,000 will be issued on January 22, 2008. <br />Next Stews <br />January 22, 2008 -The EDA will issue the bonds and the City Council will approve a continuing <br />disclosure undertaking resolution. <br />Financial Impact <br />• $10,000,000 was issued on October 15, 2007 and $2,000,000 will be issued on January 22, 2008 <br />for a total bond issue of $12,000,000. <br />• The EDA will levy for the debt service repayments which can be written down on an annual basis <br />from YMCA and County funding. The YMCA via lease payments will be responsible for 1 /3 of <br />the debt service payments. <br />Attachments <br />• Pre-sale report <br />Action Motion by Second by Vote <br />FO~~OW Up <br />S: \Council\Tim\YMCAbondpresale$2millionciry.doc <br />