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City of Missoula, Montana Item to be Referred to City Council Committee Committee: A & F Item: Resolution approving the project and authorizing the bond issuance for Sussex School Economic Development Bonds in the approximate aggregate principal amount not to exceed $900,000. Date: May 21, 2010 Prepared by: Brentt Ramharter Initiated by: Brentt Ramharter Action Required: Authorize the use of tax exempt financing for improvements to be made at Sussex School. Recommended Motion: I move the City Council adopt the " RESOLUTION RELATING TO ECONOMIC DEVELOPMENT REVENUE BONDS (SUSSEX SCHOOL PROJECT) OF THE CITY IN AN APPROXIMATE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $900,000; APPROVING THE PROJECT AND AUTHORIZING THE ISSUANCE OF BONDS THEREFOR” Timeline: Referral to committee: May 21, 2010 Committee discussion: May 26, 2010 Deadline: Have council approve at June 7th council meeting Background and Alternatives Explored: Please read attached application. A public hearing was held on May 24, 2010 to take public testimony and comments concerning the issuance of the requested tax exempt financing for the Sussex School project being undertaken by this local Missoula non-profit. Financial Implications: None for the City. Attachments: Sussex School Bond Application Draft Resolution Trust Indenture Loan Agreement Disbursing Agreement Assignment of Loan Agreement Employment Prevailing Wage