Consider and take action on Resolution No. 20-001, approving to the issuance of the Lago Mar Development Authority Contract Tax Revenue Bonds .

This item is for the City to consent to the issuance of bonds by the Development Authority and authorize the Mayor to sign the first amendment to the first agreement between the City, the Lago Mar TIRZ, the Lago Mar Development Authority, and MUD 54 that allows for the elevated storage tank to be eligible for TIRZ funds.  Besides the elevated storage tank mentioned, the improvements and construction for Hughes Road are included in the $8.6 million bond issuance.  The reason the bonds are required to be approved by the City Commission is not because the City is in anyway obligated for payment, but because the agreement with the Development Board with the creation of the TIRZ is that no debt could be issued without obtaining approval by the City first.  Also, the $8.6 million bonds are bank qualified bonds and, again, even though it is not considered City Debt and a debt obligation of the City, the debt does count toward the maximum of $10 million of bank qualified bonds that the City can issue in any one year.  This does not prevent the City from issuing other bonds or debt.  No know debt, much less bank qualified bonds, are known to be issued this year by the City.  Counsel from the TIRZ and Development Board (ABHR) will be present at the meeting to answer questions as well as the Bond Counsel (Masterson Advisors, LLC).