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File #: 17-1657    Version: 1 Name: 10/16/2017 Public Advice Memorandum from Bond Counsel on Use of Bond Financing
Type: Report or Communication Status: Filed
File created: 10/16/2017 In control: City Council
On agenda: 10/16/2017 Final action: 10/16/2017
Enactment date: Enactment #:
Title: Public Advice Memorandum from City Bond Counsel on Use of Bond Proceeds and Allocation of Bond Proceeds and Non-Bond Proceeds to a Parking Structure Financed with Build America Bonds
Attachments: 1. 4830-2052-7435.8 - A2 BABS Public Advice Memorandum _101117.pdf, 2. 019956-000999[2017-10-02 11-53-13].pdf

Title

Public Advice Memorandum from City Bond Counsel on Use of Bond Proceeds and Allocation of Bond Proceeds and Non-Bond Proceeds to a Parking Structure Financed with Build America Bonds

Memorandum

The Council, by resolution, requested that the City’s bond counsel, Dykema Gossett, PLLC, provide a public advice memorandum on the use of bond proceeds and the allocation of bond proceeds and non-bond proceeds to the underground parking structure financed with Build America Bonds.

 

The attached Public Advice Memorandum has been provided by Bond Counsel regarding the sale of above ground development rights to CORE Spaces and the validity and tax advantaged status of the City’s Capital Improvement Bonds (LTGO) Series 2009-A (Taxable Build America Bonds) issued August 19, 2009. 

 

The analytical approach described in the Public Advice Memorandum was shared with the IRS in the course of a recent IRS audit of the bonds, which closed on September 22, 2017, with a decision confirming the tax-advantaged status of the bonds remains unchanged.

 

Attachments:                     Public Advice Memorandum of Dykema Gossett, PLLC

IRS “No Change” Letter.    

Staff

Prepared by:   Dykema Gossett, PLLC

Approved by:  Stephen K. Postema, City Attorney