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Agenda Section: 9.A <br /> 1 aunrif <br /> REQUEST FOR COUNCIL CONSIDERATION Report Number: 93—lulus <br /> Report Date: 19 3—1 U 1 <br /> $TAFE REPORT council Action: <br /> �.+,t 2-9-93 <br /> 0 Special Order of Business <br /> CITY COUNCIL MEETING DATE December 13, 1993 0 Public Hearings <br /> ❑ Consent Agenda <br /> Council Business <br /> Item Description: Consideration of Resolution No. 4452 Providing for the Issuance and Sale <br /> of the City's $3,090,000 Gross Revenue Golf Course Bonds, Series 1994A <br /> Administrator s Review/Recommendation: <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Expl2nation/Snmmary (Rtrarh supplement ts as necessary.) <br /> UMMARY; <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 /> • <br /> In order for the golf course to become a reality, action is required at the December 13, 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 that the construction of the course 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). If <br /> that were not the case, the Underwriters of the Bonds would not proceed with the sale. <br /> ----, (Q. <br /> Samantha Orduno City 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 />