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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 /> <br />Background: <br /> <br />The Economic Development Authority of the City of Ramsey will be issuing bonds for the construction of Fire Station #2. The type of bonds to be issued are known as lease revenue bonds, <br /> as the EDA acts as a lessor to the City of Ramsey, the lessee. The Economic Development Authority will be listed as the bond issuer, with the bond proceeds to be used for the construction <br /> of Fire Station #2. The Authority will act on behalf of the City of Ramsey, and 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 consultant. The City will include the annual principal and interest payments as a special <br /> levy to be certified to the following years property taxes. <br /> <br />The purpose of a reimbursement resolution (attached) is that this allows the Economic Development Authority to be reimbursement for any costs that are incurred prior to the bonds being <br /> issued. <br /> <br />Recommendation: To adopt the Reimbursement Resolution. <br /> <br />Committee Action: Motion to adopt the Reimbursement Resolution. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Finance Officer <br /> <br />Attachments: <br /> <br /> <br />EDA: 10/04/99