| | | | | | | | TOWN OF ELON
TOWN COUNCIL AGENDA REPORT
| Item Type: Recommendation | SUBJECT: Resolution Providing for Application to the LGC for Approval of Enterprise System Revenue Bonds
| | | DATE: August 2, 2021 | |
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| | | | | | | | | TOWN COUNCIL ACTION REQUESTED ON: August 10, 2021 |
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PURPOSE:
To request that the Mayor and Board of Aldermen approve the Resolution providing for application to the Local Government Commission for approval of enterprise systems revenue bonds; requesting Local Government Commission approval of such enterprise systems revenue bonds; approval of financing proposals and certain related matters and findings. |
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HISTORY:
Town staff has worked with our financial advisors and bond counsel to issue the RFP to secure a commitment for a direct bank loan evidenced by a Revenue Bond and to prepare the Resolution necessary to request LGC approval for the bond issue and approve the financing with Sterling National Bank for a 15 year term. |
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FACTS AND ISSUES:
Mitch Brigulio with Davenport will be at the meeting to review the RFP responses that are included in the attached summary. |
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OPTIONS:
- Mayor and Board of Aldermen approve the Resolution providing for application to the Local Government Commission for approval of enterprise systems revenue bonds; requesting Local Government Commission approval of such enterprise systems revenue bonds; approval of financing proposals and certain related matters and findings.
- Mayor and Board of Aldermen defined option.
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