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.^~/ <br />City of <br />Elk -~-~ <br />River <br />REQUEST FOR ACTION <br />To Item Numbe <br />EDA 5 <br />Agenda Section Meeting Date Prepared by <br />Administration December 10, 2007 Tim Simon, Fin nce Director <br />Item Description Reviewed by <br />Resolution Providing for the Sale of $2,000,000 G. O. Bonds, <br />Series 2008. Reviewed by <br />Action Requested <br />1) Approve Resolution Providing for the Sale of $2,000,000 G.O. Bonds, S. <br />2) Call Special EDA Meeting for Tuesday, January 22, 2008 to Issue the $2, <br />Series 2008 <br />Background/Discussion <br />Bonds are being issued to finance the 55,000 s.f. recreational facility to be leased to t <br />Economic Development Authority (EDA) will be issuing the bonds due to the legal <br />to utilize bond proceeds for a recreational facility leased to anon-profit. As you reca <br />2007 the EDA issued $10,000,000 of the total $12,000,000 in General Obligation bo: <br />the bonds bank qualified. The remaining $2,000,000 will be issued on January 22, 20 <br />Next Stews <br />December 17, 2007 -City Council to review the pre-sale report <br />January 22, 2008 -The EDA and City Council will issue the bonds <br />Financial Impact <br />• $10,000,000 was issued on October 15, 2007 and $2,000,000 will be issued <br />for a total bond issue of $12,000,000. <br />• The EDA will levy for the debt service repayments which can be written d <br />from YMCA and County Funding. The YMCA via lease payments will be <br />the debt service payments. <br />Attachments <br />• Pre-sale report <br />• Resolution Providing for the Sale of $2,000,000 G.O. Bonds, Series 2008 <br />2008 <br />)00 G.O. Bonds, <br />YMCA. The <br />tnor>ry necessary <br />on October 15, <br />s in order to keep <br />January 22, 2008 <br />on an annual basis <br />onsible for 1 /3 of <br />Action Motion by Second by Vote <br />Follow Up <br /> <br /> <br />S: \Council\Tim\ <br />