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EDA MINUTES May 11, 2015 <br /> DRAFT <br /> CONSIDERATION OF RESOLUTION NO. 15-03,APPROVING POST-ISSUANCE <br /> COMPLIANCE PROCEDURE AND POLICY FOR TAX-EXEMPT GOVERNMENTAL <br /> BONDS <br /> Finance Director Rolek reviewed his written report. He explained that, at the advice of bond <br /> counsel, staff is recommending that the city adopt a formal compliance procedure and policy for <br /> the issuance of bonds. The policy recommended is identical to one passed by the EDA in 2012. <br /> EDA Member Reinert noted the policy on arbitrage and Mr. Rolek explained that the language <br /> serves to prevent issuance of bonds for investment purposes. <br /> The council also reviewed the total cost of the current bonds, including financing costs. <br /> EDA member Rafferty moved to approve EDA Resolution No. 15-03. EDA Member <br /> Kusterman seconded the motion. Motion carried on a voice vote. <br /> NEW BUSINESS <br /> EDA President Roeser remarked that the EDA may want to begin meeting more regularly to <br /> discuss such matters as stimulation of economic development in the city. <br /> ADJOURNMENT <br /> There being no further business, EDA Member Rafferty moved to adjourn. EDA Member <br /> Stoesz seconded the motion. Motion carried on a voice vote. <br /> The meeting was adjourned at 6:18 p.m. <br /> 2 <br />