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City Council Agenda 2010-03-08
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City Council Agenda 2010-03-08
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3/8/2010
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Agenda Report <br />DATE: March 8, 2010 <br />TO: The Mayor and City Council <br />FROM: <br />SUBJECT: <br />Agenda Item No. <br />Sean P. Quinn, City Manager�6� <br />Curt Johnston, Economic Development Division Manager <br />Public Hearing and Resolution of the City Council of the City of <br />Fairfield Approving the Issuance by California Statewide <br />Communities Development Authority of Not to Exceed $8,000,000 <br />in Recovery Zone Facility Revenue Bonds for the Benefit of Ron <br />DuPratt Ford and/or a Related Entity for the Purpose of Financing <br />and Refinancing the Cost of Purchasing, Rehabilitation and <br />Equipping of an Automotive Dealership at 3050 Auto Mall Alley, <br />Providing the Terms and Conditions for such Bonds and Other <br />Matters Relating Thereto Herein Specified <br />RECOMMENDED ACTION <br />Hold public hearing and adopt resolution. <br />STATEMENT OF ISSUE <br />The California Statewide Communities Development Authority (the "Authority") is a joint <br />powers authority which has the authority to issue bonds for small to medium sized <br />businesses. In order for the Authority to issue revenue bonds (the "Bonds"} for the Ron <br />DuPratt Ford dealership, the City, as the local jurisdiction in which the project is located <br />must hold a public hearing and adopt a resolution authorizing the Authority to issue the <br />bonds. <br />
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