Laserfiche WebLink
77— Agenda Section: 9 • B <br />��_�� REQUEST FOR COUNCIL CONSIDERATION Report Number. <br />ReportDace: <br />STAFF REPORT Council Action: <br />.�:? ❑ Special Order of Business <br />November 22, 1993 ❑ Public Hearings <br />CITY COUNCIL MEETING DATE ❑ Consent Agenda <br />)' Council Business <br />Item Description: Consideration of Resolution No. 4452 Providing for the Issuance an Sae o <br />the city's $3,090,000 Gross Revenue Golf Course Bonds, Series 1994A <br />Administrators Review/Recommendation: <br />• No comments to supplement this report <br />- Comments attached. <br />Explanation/Summary (attach supplement sheen as necessary.) <br />CiT'VlIVLARY� <br />Since July, 1992, the Golf Course Task Force has been working to develop the concept of a <br />municipal golf course into a reality. At the November 8, 1993 Council meeting, the Council <br />approved the Master Plan for a 9 hole golf course and 50 station practice range to be located <br />on 109 acres of land currently owned by the City and another 11 purchased from private <br />parties. <br />In order for the golf course to become a reality, action is required at the November 22, 1993 <br />Council Meeting to approve the attached resolution which authorizes the issuance and sale of <br />$3,090,000 in Gross Revenue Bonds. <br />From the earliest stages of the development of a golf course concept, it has always remained <br />the Council's goal to develop a course that would be constructed and operated without a <br />dependency on property taxes. That goal has remained the driving force behind the Task <br />Force's recommendation for the construction of the course to be funded by a Gross Revenue <br />Bond. The proceeds from the Bond will fund land acquisition costs, construction, architectural, <br />engineering and contingency costs. <br />A Gross Revenue Bond, unlike a General Obligation Bond, is not backed by the full taxing <br />authority of the City. Repayment of the Bond is made from the revenues generated by the <br />operation of the golf course and practice range. The Market Analysis, conducted earlier this <br />year, clearly determined that revenues would be sufficient for debt service (bond repayment). i <br />that were not the case, the Underwriters of the Bonds would not proceed with the sale. <br />Samantha Orduno,lCity Administrator <br />RECOMMENDATION: <br />Motion to Waive the Reading and Adopt Resolution No. 4452 Providing for the Issuance and <br />Sale of the City's $3,090,000 Gross Revenue Golf Course Bonds, Series 1994A <br />