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Following the public hearing, th�e Cauc►cil is requested #o cansider the encIosed RasoluY�on, <br />x��hic�i giv�s preliraiinary appmval ta. the iss�aance of the Notes for t}te purposes. described herein_ <br />Fo3lowing receipt af fi�e approual from D�ED, the CounciI wilt be aslced at a future Cour�cil rneeting <br />to pro�vicie final . approval to fhe issuance of ft�e Notes. and appro�e the forni of tlle Nofes and the <br />documents relatect. to tr,e Notes. <br />If the NoEes are authorized to i�e issued by #he Council, i��e Notes �vill be issued as conduit <br />re�enue iVutes sec�red sole}y by the revenues deriyed from the I.aan Agreemer�t exeeuteci by the <br />Bnrrawe� and from otiiec securiiy provided by the �orrawer. The Nntes wiil not constitute a�eneral <br />or maral ob3i�ation of the Cilyand avill.riot.lie secured by or payable from any property tir assets of <br />the Gity (other than #�e i�terests o�the City in t�ze Loan Agreeznen�) and vs�ill nat be secured by any <br />fiaxing'power of ��e City. The Notes will nnt be subject to any cfebt Iimitafion in�posed on the City <br />anci tlie issuar�ce af the N.oteS urili not l�a�e any adverse irripact on the credit rat�ng af Che City; euen <br />in th.e event tha� 'the �orro�ver enc�uiiters �inancia� difficuIties rvith respect to the faciliti�s to be <br />financed �r�ith the proceeds of the Notes. <br />Pursuant to the .4nierican Recovery and Reinvestment Tax Act of 20U4, each 501(0)(3) <br />orgaiiization has the ability to: desigriate t�p to �30,000,��� in taY-exempE bonds as "bank GuaIifed'' <br />in the calenaar yeacs 2009 and ?QIQ_ During those same. years, each municipal.ity has the same <br />abilit}� to. designate �ap to $3�,0{�0,400 iri �ax-exe�npt ho��ds as "banfe qualified:" Tlius, tt3e issuance <br />of tl�e Bonds u�ili not adverseiy af%ci the ataiiity of flie CiTy to issue bank quali��cl bonds in salenclar <br />year ?C}Q9 or ?D I O(if t�ie issuance of th� Bonds is delayed untiE 201�). <br />Ptease contact me ifyou hav� any quesfions regarding the Notes ar �kus fuiaricing. <br />I�ENNEDY & GRAVEN, �HAR'TERED <br />C��� <br />Jutie �dding-ton <br />36QG53vl iAL• AR2afl-9 <br />