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2008 Tax Allocation Bonds 5 May 27, 2008 <br />Proceeds of the 2008 Bonds deposited to the Cost of Issuance Fund ($260,000) will be used to <br />pay costs incurred during the process of issuing the bonds. As shown in Table 4, typical bond <br />issuance costs include legal fees, financial advisory fees, trustee fees, bank charges, printing and <br />postage. <br />Table 4 <br />Costs of Issuance Summary <br />Description of Cost Amount <br />Bond Counsel $85,000 <br />Disclosure Counsel 35,000 <br />Financial Advisor 75,000 <br />Tax Increment Consultant 29,000 <br />Rating Agency 25,000 <br />Trustee 5,000 <br />Printing Costs 5,000 <br />Other Costs 1,000 <br />Total Costs of Issuance $260,000 <br />FINANCING SCHEDULE <br />The following is the preliminary financing schedule: <br />Date of: Description of Activity <br />June 2 Council and Agency Board Adopt the Resolutions Authorizing Sale of Bonds <br /> and Approval of Legal Documents <br />June 3 Print Notice of Sale of Bonds in Bond Buyer <br />June 3 Print and Mail Preliminary Official Statements <br />June 18 Open Bids and Award Sale of Bonds <br />July 2 Bond Closing-Delivery of Bond Proceeds to the Agency and Payment of a <br /> portion of the Tax Increment Funding Obligation <br />Current City Council Policy -Not Applicable <br />Previous City Council Action(s) -Not Applicable <br />City Council Committee Review and Action <br />The Finance Committee reviewed this transaction on April 15, 2008 and recommends the <br />Council and the Redevelopment Agency approve of the issuance of the 2008 Bonds. The <br />Housing and Business Development Committee reviewed this proposed transaction on May 8, <br />2008. <br />Applicable General Plan Policy -Not Applicable <br />Permits and/or Variances Granted -Not Applicable <br />Environmental Review -Not Applicable <br />08043 <br />