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recommending an internal financing using WPCP funds. In addition, staff reviewed other City <br />funds and found none that could support an internal financing. <br />As a result of this work, staff is recommending that the Committee approve the proposed TAB <br />financing, and Contingency Plan outlined in the attached report. Further, in view of the funding <br />timeline, staff is recommending that the Contingency Plan be utilized to meet the January <br />funding date. Staff will then use the 90 days provided by the bridge loan to market and sell the <br />TAB issue. <br />Two major objectives are met by utilizing the contingency or "bridge" loan. First, the City is <br />assured that it will meet its legal obligation. to fund the project by the required date. Second, the <br />additional time provided in which to issue the bonds is a significant advantage. For example, <br />greater flexibility is gained with respect to market timing and, testing the market with a <br />competitive (lower cost) offering becomes a realistic option. <br />Finally, if the Committee approves staff's recommendations, staff would come to the full City <br />Council on December 21, 2009 seeking authorization to issues the TAB's. In addition, staff <br />would seek authorization to issue the TAB's as either a competitive bid or negotiated sale issue. <br />CONCLUSION <br />That the Finance Committee review staff's report and recommend City Council and RDA <br />approval of the proposed TAB financing, and implementation of the Contingency Plan. <br />