Motion that a fiscal policy be adopted as to the pending 2013 Redevelopment Bond: Be it resolved that any and all net proceeds derived from the sale of real property purchased with proceeds from and in compliance with the 2013 Redevelopment Bond be reinvested pro rata as to said Bond source as governed by the provisions of said Bond as if an original use of bond proceeds or if not so reinvested, designated for bond debt retirement until debt is retired in its entirety rather than in both alternatives, proceeds becoming a general fund amount while bond debt is outstanding. Be it further resolved that the next term of Council be recommended to adopt this Resolution at the January, 2014 Council meeting for its term or as further directed by the Mayor and Council. This item was requested by Mayor Tumlin.

Committee

CITY COUNCIL

Introduced

October 2, 2013

Passed

October 9, 2013

Enactment no.

Res 1577

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