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Resolution of Intent to Issue Bonds - <br />Downtown Parking Facilities <br />August 2, 2010 <br />Page 2 <br />The resolution allows for a tax exempt financing (Recovery Zone and/or other forms of tax <br />exempt bonds) up to $7 million, including reimbursement of expenses that may be incurred prior <br />to actual issuance of the bonds. This approach will allow us flexibility while pricing the bonds in <br />the marketplace prior to issuance. <br />The Bonds need to be closed by December 31, 2010, if issued as Recovery Zone Bonds; <br />therefore, the underwriter selection process previously conducted for the Agency's proposed tax <br />allocation bonds will be utilized for this transaction. Based on the size of this transaction, only <br />Stone & Youngberg, as Senior Manager, is proposed to underwrite this borrowing. The balance <br />of the financing team will include CSG Advisors as financial advisor, and Quint & Thimmig LLP <br />as bond counsel. The team has been involved in several similar Recovery Zone bond <br />financings. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Cynthia J. Nelson <br />Deputy City Manager for Development Services <br />Community Development Agency <br />CJN/NTE/mlr <br />Exhibit: 1. Resolution <br />55A-2