Agenda Packets - 1993/12/13 - Laserfiche WebLink

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:. Agenda Section: 9. A S REQUEST FOR COUNT CIL CONSIDERATION Report Number LL j STAFF' REPORT t. Ac--: 177 .L'.r Council0SpAran: ❑ SpedalOrder oCBusiness CITY COUNCIL MEETING DATE December 13, 1993 C Public Hearings C Consent Agenda :r Council Business Item Descnpmon: Consideration of Resolution No. 4452 Providing for the Issuance and Sale of the City's S3,090,000 Gross Revenue Golf Course Bonds, Series 1994A Admimsaators ReviewiBecommendacion: • No comments to supplement this report • Comments attacaed. EzplanaciotvSummar/ (attach supplecent sheets as necessary.) CTT70L4RY: Since July, 1992, the Golf Course Task Force has been working to develop the concept of a municipal golf course into a reality. At the November 8, 1993 Council meeting, the Council approved the Master Plan for a 9 hole golf course and 50 station practice range to be located on 109 acres of land currently owned by the City and another 11 purchased from private parties. In order for the golf course to become a reality, action is required at the December 13, 1993 Council Meeting to approve the attached resolution which authorizes the issuance and sale of $3,090,000 in Gross Revenue Bonds. From the earliest stages of the development of a golf course concept, it has always remained the Council's goal to develop a course that would be constructed and operated without a dependency on property taxes. That goal has remained the driving force behind the Task Force's recommendation that the construction of the course be funded by a Gross Revenue Bond. The proceeds from the Bond will fund land acquisition costs, construction, architectural, engineering and contingency costs. A Gross Revenue Bond, unlike a General Obligation Bond, is not backed by the full taxing authority of the City. Repayment of the Bond is made from the revenues generated by the operation of the golf course and practice range. The Market Analysis, conducted earlier this year, clearly determined that revenues would be sufficient for debt service (bond repayment). If that were not the case, the Underwriters of the Bonds would not proceed with the sale. Samantha Orduno%City Administrator RECOMMENDATION Motion to Waive the Reading and Adopt Resolution No. 4452 Providing for the Issuance and Sale of the City's $3,090,000 Gross Revenue Golf Course Bonds, Series 1994A