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REQUEST FOR CITY COUNCIL AGENDA ITEMREQUEST FOR CITY COUNCIL AGENDA ITEM <br />June 9, 2014June 9, 2014AppropriationAppropriation <br />Agenda Date Requested:Agenda Date Requested: <br />N/A N/A <br />Corby D. Alexander Corby D. Alexander Source of Funds:Source of Funds: <br />Requested By: <br />Account Number:Account Number: <br />Administration Administration <br />Department: <br />Amount Budgeted:Amount Budgeted: <br />Report:Resolution:Resolution:Ordinance:Ordinance: <br />Amount Requested:Amount Requested: <br />Other: <br />Budgeted Item:Budgeted Item:YESYESNONO <br />Attachments :Attachments : <br />1. Ordinance1. Ordinance <br />2. Request from Education Media Foundation2. Request from Education Media Foundation <br />3. Email from Bond Counsel3. Email from Bond Counsel <br />SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS <br />Local radio station Air One/KLocal radio station Air One/K--Love is owned and operated by Education Media Foundation.  Federal law permits Love is owned and operated by Education Media <br />Foundation.  Federal law permits <br />non-profit corporations like Education Media Foundation to issue private activity tax exempt bonds with the profit corporations like Education Media Foundation to issue private activity <br />tax exempt bonds with the <br />approval of the relevant governmental entity having jurisdiction.  The FCC license for Air One/Kapproval of the relevant governmental entity having jurisdiction.  The FCC license for <br />Air One/K--love has been love has been <br />assigned to the City of La Porte giving the City jurisdiction in this matter.assigned to the City of La Porte giving the City jurisdiction in this matter. <br /> Consquently, we have been presented with a request from Education Media Foundation to conduct a public  Consquently, we have been presented with a request from Education Media Foundation <br />to conduct a public <br />hearing and to grant approval to issue the corresponding bonds for the radio station.  The City typically uses hearing and to grant approval to issue the corresponding bonds for the <br />radio station.  The City typically uses <br />Andrews Kurth, LLP for all matters concerning bond issuance.  Both Andrews Kurth and the Assistant City Andrews Kurth, LLP for all matters concerning bond issuance.  Both Andrews Kurth <br />and the Assistant City <br />Attorney have reviewed the request and federal law governing this issue.  Both agree that should Council grant Attorney have reviewed the request and federal law governing this issue.  <br />Both agree that should Council grant <br />the requested approval there would be no financial liability to the City of La Porte.the requested approval there would be no financial liability to the City of La Porte. <br />Action Required of Council:Action Required of Council: <br />Conduct Public Hearing and approve or deny Education Media FoundationConduct Public Hearing and approve or deny Education Media Foundation’’s request to issue private activity tax s <br />request to issue private activity tax <br />exempt bonds. <br />Approved for City Council AgendaApproved for City Council Agenda <br />Corby D. Alexander, City ManagerCorby D. Alexander, City ManagerDateDate <br /> <br />