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MEMORANDUM <br /> <br />DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />RE: <br /> <br />October 12, 1999 <br /> <br />Economic Development Authority <br /> <br />James E. Norman, City Administrator~ <br />EDA Bonding Authority <br /> <br />During the EDA meeting of October 4, 1999, questions were directed to staff regarding the <br />intention of the City Council as to the bonding for the second fire station. The item was <br />discussed the following evening during a work session. Staff was directed to report back to the <br />EDA that the City Council did indeed intend for the EDA to authorize the type of bonding <br />proposed for the second fire station. <br /> <br />As part of the discussion on Tuesday, October 5, 1999, the City Council noted that had it not <br />been for the Landfill Trust Fund, internal borrowing for such internal projects such as the Police <br />Department building and Public Works facility would not be possible. The method of financing <br />suggested for the second fire station would have been the desirable form of financing for the two <br />previous facility projects. <br /> <br />As a direct response to the EDA's inquiry of the City Council's desire for the type of bonding for <br />Fire Station No. 2, staff was directed to report to the EDA that the City Council is in favor of the <br />Lease Revenue Bonds to be used for the second fire station. ' ~ <br /> <br />\kRA_FS l XVOLl\users\City Shared File\CORRESPkNorman\1999klvlEMOSkEDA Bonding Authority.doc <br /> <br /> <br />