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EDA # 1 <br /> <br />REIMBURSEMENT RESOLUTION PERTAINING TO LEASE REVENUE BONDS <br />FOR THE CITY OF RAMSEY'S FIRE STATION #2 <br /> By: Diana Lurid, Finance Officer <br /> <br />Background: <br /> <br />The Economic Development Authority of the City of Ramsey will be issuing bonds for the <br />construction of Fire Station #2. The type of bonds to be issued are known as lease revenue <br />bonds, as the EDA acts as a lessor to the City of Ramsey, the lessee. The Economic <br />Development Authority will be listed as the bond issuer, with the bond proceeds to be used for <br />the construction of Fire Station//2. The Authority will act on behalf of the City of Ramsey, and <br />be the sole issuer, as this process allows the City of Ramsey to construct the fire station without <br />obtaining a public referendum (attached to the case is an explanation letter from the finance <br />consultant). The City will include the annual principal and interest payments as a special levy to <br />be certified to the following years property taxes. <br /> <br />The purpose of a reimbursement resolution (attached) is that this allows the Economic <br />Development Authority to be reimbursement for any costs that are incurred prior to the bonds <br />being issued. <br /> <br />Recommendation: <br /> <br />To adopt the Reimbursement Resolution. <br /> <br />EDA Action: <br /> <br />Motion to adopt the Reimbursement Resolution. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Finance Officer <br /> <br />Attachments: <br /> <br />Letter dated September 16, 1999, from Finance Consultant <br />Timeline <br /> <br />EDA: 10/04/99 <br /> <br /> <br />