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REQUEST FOR ACTION <br />ver <br />To Item Number <br />Ci Council 5.2.A. <br />Agenda Section Meeting Date Prepared by <br />Administration anua 22, 2008 Tim Simon, Finance Director <br />Item Description Reviewed by <br />Resolution Authorizing a Continuing Disclosure Undertaking Lori Johnson, Ci Administrator <br />with Regard to the Issuance of $2,000,000 General Obligation Reviewed by <br />Bonds, Series 2008A of the Economic Development Authority <br />for the Ci of Elk River, Minnesota <br />Action Requested <br />It is requested that the Mayor and City Council adopt the following: <br />Resolution 08- Authorizing a Continuing Disclosure Undertaking with Regard to the <br />Issuance of $2,000,000 General Obligation Bonds, Series 2008A of the Economic Development <br />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 are secured by a pledge of <br />the EDA/City. The City is also responsible for Continuing Disclosure with the bonds. The continuing <br />disclosure requirements primarily involve continual reporting of information such as material events that <br />could affect the bonds and annual financial information. <br />Financial Impact <br />The EDA will levy for the debt service which can be written down on an annual basis. <br />Attachments <br />^ Resolution 08- Authorizing a Continuing Disclosure Undertaking with Regard to the <br />Issuance of $2,000,000 General Obligation Bonds, Series 2008A of the Economic Development <br />Authority for the City of Elk River, Minnesota <br />Council Action Motion by Second by Vote <br />Follow Up <br />C:\Documents and Settings\jmiller\Local Settings\Temporary Internet Files\OLK3E\5 2continuing disclosure (3).doc <br />