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<br />banks with at least $50 million in capital rather than the <br />present $10 million bank capital requirement. <br />b. Requires that Tax Increment revenue be equal to 110% of the ~ <br />maximum annual debt service on additional certificates be in place ,., <br />before issuing additional certificates. <br />c. Establishes a reserve account within the Construction Fund held by <br />the Trustee to cover possible payments of property taxes to which <br />the City is currently seeking exemption from trye State Department <br />of Revenue. <br /> <br />5. Establishes an Escrow Account that covers investment of proceeds from <br />the sale of Refunding Certificates. The funds will be invested in <br />U. 'S. Government obligations to match the payment of principal, <br />interest and final redemption (1992) amounts of the original <br />"defeased" Certificates. Escrow account with First Interstate Bank. <br /> <br />6. Adopts Investment Instructions for the escrow deposit account which <br />directs that certain investments, not in violation of U. S. Treasury <br />Department arbitrage regulations, be made by First Interstate Bank. <br /> <br />7. Designates First Interstate Bank to continue in its role of Paying <br />Agent and to act as Registrar on the Refunding Certificates. <br /> <br />8. Formally recognizes and authorizes the issuance of the Official <br />Statement on the Refunding Certificates. <br /> <br />The State Treasurer1s Office has reviewed and given approval to this <br />advance refunding proposal, meaning they have confirmed that the proposal <br />is "doable" and will meet statutory requirements for minimum net. savings. <br />from the refunding. <br /> <br />We are enclosing a copy of the Preliminary Official Statement and will <br />have available in the City Manager1s Office and Finance a complete set <br />of the agreement cited above. The Official Statement will be released <br />after your approval of the attached resolution and ordinance. <br /> <br />- <br /> <br />We are requesting your approval of an ordinance and a resolution <br />acting as the City Council and Urban Renewal Agency, respectively. <br /> <br />cc: M. Gleason <br />D. Wh it 1 ow <br />G. Long <br />J. Porter <br />C. Da 11 as <br />Moore-Breithaupt <br /> <br />Attachment -- 3 <br /> <br />fnwgw541 <br /> <br />e <br />