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Item 3C: Resolution Concerning Loan Guarantee Assistance
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Item 3C: Resolution Concerning Loan Guarantee Assistance
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3/9/2006 10:25:19 AM
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Agenda Item Summary
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3/13/2006
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<br />ATTACHMENT B <br /> <br />Debt Policy Excerpt – Conduit Financings <br /> <br />Conduit Financings <br />1. Conduit financings are defined as bonds issued by the City to finance a project to be used primarily by a third <br />party, usually a corporation engaged in a private enterprise. <br /> <br />2. Recognizing that the City is able to issue debt for broad purposes, it may be appropriate to enter into a conduit <br />financing on behalf of another party when the City Council determines that the proposed project will provide <br />a general benefit to City residents and/or the City economy. <br /> <br />3. Conduit financing will be considered only when a project is consistent with the City’s overall service and <br />policy objectives. <br /> <br />4. The City should not incur any moral or financial obligation under a conduit borrowing. <br /> <br />5. The City will only consider conduit financings that will insulate the City from any credit risk. <br /> <br />6. Any financing issued through the City must qualify for an investment grade rating by one of the nationally <br />recognized statistical rating agencies or provide alternative credit enhancement from a third party satisfactory <br />to the City or a corporate guaranty if the corporation carries an investment grade rating. <br /> <br />7. All expenses related to conduit financing will be borne by the third-party applicant for whom the debt is being <br />issued. <br /> <br />8. The City will establish review procedures of the requesting party for projects, including adherence to public <br />contracting requirements, development of a financial feasibility study of the project, and submission of annual <br />financial statements to ensure the ability to repay the debt. <br /> <br /> L:\CMO\2006 Council Agendas\M060313\S0603133C.doc <br />
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