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REQUEST FOR ACTION <br />To Item Number <br />Economic Develo ment Authori 5.1. <br />Agenda Section Meeting Date Prepared by <br />Administration anua 22, 2008 Tim Simon, Finance Director <br />Item Description Reviewed by <br />Resolution Accepting Offer on the Sale of $2,000,000 General Lori ohnson, Ci Administrator <br />Obligation Bonds, Series 2008A, Providing for their Issuance Reviewed by <br />and Levying a Tax for the Payment Thereof <br />Action Requested <br />It is requested that the Economic Development Authority (EDA) adopt resolution 08- accepting <br />offer on the sale of $2,000,000 General Obligation Bonds, Series 2008A, providing for their issuance and <br />levying a tax for the payment thereof. <br />Background/Discussion <br />Sid Inman of Ehlers and Associates will be at the council meeting to present the results of the sale of <br />$2,000,000 General Obligation Bonds, Series 2008A, for the construction of a recreational facility leased <br />to The Young Men's Christian Association (YMCA). <br />Bids for this bond sale will be received on January 22, 2008. A conference call with Moody's was held on <br />Tuesday, January 15 and it is anticipated that Moody's will maintain the City's General Obligation debt <br />rating of Aa3, which was recently upgraded in October 2007. This will bring the total amount issued in <br />bonds for the YMCA project to $12,000,000. <br />Financial Impact <br />The EDA will levy for the debt service which can be written down on an annual basis. The YMCA via <br />lease payments will be responsible for 1 /3 of the debt service payments. <br />Attachments <br />• Resolution 08- Accepting Offer on the Sale of $2,000,000 General Obligation Bonds, Series <br />2008A, Providing for their Issuance and Levying a Tax for the Payment Thereof <br />Action Motion by Second by Vote <br />Follow Up <br />C:\Docuxnents and Settings\jmiller\Local Settings\Temporary Internet Files\OLK3E\EDA Bond Sale 012208.doc <br />