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EGty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 7.2 <br /> Agenda Section Meeting Date Prepared by <br /> Public Hearin lAugust 5, 2019 Lori Ziemer, Finance Director <br /> Item Description Reviewed by <br /> Issuance of Sales Tax Revenue Bonds Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Open and close the public hearing regarding the issuance of sales tax revenue bonds. <br /> Background/Discussion <br /> It was initially determined by the city's bond counsel that the sales tax revenue bonds would be issued as <br /> qualified 501(c)3 bonds due to the contractual arrangements for use of the multi-purpose facility with <br /> certain organizations that are designated as exempt organizations (501(c)3). <br /> In order to keep our options open and stay on the same timeline for issuance of the bonds, a public <br /> hearing would be required for the issuance of qualified 501(c)3 bonds and therefore a public hearing <br /> notice was posted. <br /> However,based on discussions and further review of facility use with bond counsel,it was determined <br /> the 501(c)3 designation is not required which would be more restrictive and limiting than the city would <br /> want with regard to use for the facility. Therefore, the city is no longer pursuing the 501(c)3 designation <br /> for the bonds and a public hearing is not required. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> ■ None <br /> The Elk River Vision <br /> A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By <br /> service, and community engagement that encourages and inspires prosperity INAWRE1 <br />