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REQU@T FOR CITY COUNCIL AGENDA ITE• <br />AGENDA DATE 3/27/00 REQUESTED BY Jeff Litchfield, Finance Director/ACM <br />REPORT; RESOLUTION; XX ORDINANCE; <br />Attachment: Long Range Projection for the Development Corporation <br />At tonight's meeting, we will accept bids for the sale of $3 million in Certificates of Obligation. <br />Funds from the Section 4B % Cent Sales Tax will be used to retire the bonds. The La Porte <br />Economic Development Corporation oversees the disbursement of the Section 4B'/Z Cent Sales <br />Tax and has approved an agreement whereby future sales tax revenues will be pledged to the <br />City for the retirement of the debt. <br />Tonight, we are asking Council to approve an ordinance that accepts the contract. <br />ACTION REQUIRED BY COUNCIL: <br />Approve Ordinance authorizing an agreement between the City of La Porte and the La Porte <br />Development Corporation for the use of sales tax revenues to be used to pay for Certificates of <br />Obligation that were issued to finance the construction of a community library. <br />FUND N/A ACCT NUM: <br />APPROV OR CITY COUNCIL AGENDA <br />Rff . FrERAERA, CITY MANAGER <br />FUNDS AVAILABLE: <br />.3 J, 2-3 X, <br />DATE <br />