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is higher than general obligation depending on essentiality of project/use. With regard to <br />credit rating impact - full impact, usually half grade to full grade lower than general <br />obligation. Mr. O'Neill referenced the transaction participants. The more visible <br />participants are as follows: Municipality - elected officials/staff. They are involved <br />throughout the entire process, they provide information and make the decisions. The <br />independent financial advisor works solely for the issuer and with other members of the <br />financing team in determining and developing the finance plan. The advisor ensures <br />compatibility with the entity's overall financial objectives, is responsible for initially <br />marketing the bonds and the credit rating strategy. The advisor evaluates bids/results, <br />coordinates closing, and is under ramifications of federal arbitrage laws. The bond <br />counsel interprets federal and state laws and charter provisions applicable to the <br />financing, provides legal opinion with regard to certification of legal authorization to <br />issue and federal and state tax status, and prepares bond documents such as ordinances, <br />resolutions, lease agreements, etc. The feasibility consultant, engineer and architect <br />provides technical expertise as required. He described the less visible participants as the <br />credit rating agencies and the credit enhancement providers. Mr. O'Neill stated that you <br />build your balance on your overall economics, not just on residential and not just <br />industrial. He will continue to work with City staff. <br /> <br />MAYOR/COUNCIL INPUT <br /> <br />1) Tonight's Agenda <br /> <br />Council determined that they will have to schedule another work session date to continue <br />tonight's agenda. <br /> <br />ADJOURNMENT <br /> <br />The work session adjourned at 9:50 p.m. <br /> <br /> Respectfully submitted, <br />(.~/~ e~iuty:l~tgy Clerk <br /> <br />(/~_a. mXe~xE. · Norman <br />"tgil:y__A~lministrator <br /> <br />Council Work Session/May 19, 1998 <br /> Page 10 of 10 <br /> <br /> <br />