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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 />