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REQUEST FOR ACTION <br />ver <br />To Item Number <br />EDA 2• <br />Agenda Section Meeting Date Prepared by <br /> October 15, 2007 Tim Simon, Finance Director <br />Item Description Reviewed by <br />Resolution Accepting Offer On The Sale Of $10,000,000 Lori ohnson, Ci Administrator <br />General Obligation Bonds, Series 2007, Providing For Their Reviewed by <br />Issuance And Levying A Tax For The Payment Thereof <br />Action Requested <br />It is requested that the Economic Development Authority adopt resolution 07- Accepting Offer On <br />The Sale of $10,000,000 General Obligation Bonds, Series 2007, Providing For Their Issuance And <br />Levying A Tax For The Payment Thereof. <br />Background/Discussion <br />Mark Ruff of Ehlers and Associates will be at the Council meeting to present the results of the sale of <br />$10,000,000 General Obligation Bonds, Series 2007, 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 October 15, 2007. A conference call with Moody's was held on <br />Monday, October 8 and Moody's upgraded the City's General Obligation debt rating from Al to Aa3. <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 07- Accepting Offer On The Sale of $10,000,000 General Obligation Bonds, <br />Series 2007, Providing For Their Issuance And Levying A Tax For The Payment Thereof <br />• Moody's rating analysis <br />Action Motion by Second by Vote <br />Follow Up <br />C:AUscrs\dhucbncr\Appllata\Local\1~licrosoEt\WindowsV'1'cmporary Intcmct I~ilcs\O7,K871'.4\I?llA Bond Salc 101107.doc <br />