Laserfiche WebLink
L�S.ty issue $14,000,00� nf the Revenue Obli�ations `in caIendar year 2Q11 a�d an addit�nnal <br />�i0,000,U00 of the Re�venue Obiigations in calendar year 2Q1�. �ince ihe $20,oao,000 of <br />Revenue Obligatians #o l�e issued by the Czty is not sufficienfi to. finance the entire Project, the <br />e,ompany wiil request that tlie City authorize one or more ather political subdivisions of the Sfat� <br />to: issue the reznaixiing $14,000,00� ofRevanue Oi�iigatians to. finance t1z.e Project. The Company <br />has agreed that the adrr�inistrative fee payable by fihe Compan.q pursuan� ta Section 7.1(b) of the <br />Develogrnent Con�act will he paid by �he .Carnpany to tke City with respeat to all the Revenue <br />Obligations regardless of the actual issuer of the Revenue Obli�;a�ions. In excha�g� for such fee <br />payrr�ent, t�e Cornpany wili ask that th� City waive the agpliaatinn of Section 7,1(d) which <br />preoludes the issuanee of any af t]�e Revenue Obligations lry .any unit of gavernment other than <br />the City. <br />The Preliminary Resalution has been drai�ed ta aui-horize t}ie zssuaxtce nf the entire <br />$34,OOO,U00 of Revenue Oblrgat�ons by the City because the Company rnay alter its plans <br />regarding the issuauce of the Revenue Qbligatians as bank-c�ua�.�Zed bonds (in r�rhieh case the <br />City wouid be asked to issue the enizre $34,000,00.0 of Revenue ObIigations} and because the <br />Hnusing Pragram references the sntire $34;4OU;Q()0 oi Revenue flbligations #a b� issued to <br />itnance the Froject. <br />If fihe City �awneil adap#s the Prelirninary Res�lution, the Co�npany wi�l enter into <br />negotiai;ions with one or rtzore purehasers of the Revenue Ol�liga�ians an.d pravide for the <br />grepara�ion of the Revenue Obliga�ions and of the docurnents securing the Revenue Obligaiions. <br />Once the Revenue Obliga.tions anci s.uch documentaiion are in appropriata forni, t�e City wili <br />request t�at the City Council aonsider and adopt-a finaI resolution authorizin� the issuanee af the <br />Re�nue pb�igations to bc issued by tha City and, �£ applicable, approvigg ihe �ssuan:ce by other <br />governmental units of any portion of the Re�renue Obl:igations to be issued by such ather <br />j�.u7isdic�ians. <br />Please confact the ttt�dersigned at yawr convenience with any questions with regard to the <br />foregoing. <br />KENNEDY & GRAVEN, CHARTERED <br />�a Utiey <br />�uzzoo-o12 [.r[r} <br />3893b5v.1 <br />-2- <br />