Legislation Details

File #: 10-0128    Version: 1 Name:
Type: Resolution Status: New Business Item
File created: 7/21/2010 In control: City Council
On agenda: 7/26/2010 Final action: 7/26/2010
Title: Consider a Resolution relating to the Declaration of Intent by the City of Rock Hill, South Carolina to issue certain Tax Increment Bonds as Recovery Zone Economic Development Bonds pursuant to the authority of Sections 1400U-1 and 1400U-2 of the Internal Revenue Code of 1986, as amended, authorizing the submission of an application to the South Carolina Budget and Control Board or its designee for the allocation of Recovery Zone Economic Development Bond volume cap to the City; and other matters relating thereto. Strategic Goal: Ensure the Provision of Quality Public Services Strategic Objective: Provide for the orderly development and expansion of facilities and infrastructure.
Attachments: 1. Recovery Zone Resolution-Textile Corridor.doc

Title

Consider a Resolution relating to the Declaration of Intent by the City of Rock Hill, South Carolina to issue certain Tax Increment Bonds as Recovery Zone Economic Development Bonds pursuant to the authority of Sections 1400U-1 and 1400U-2 of the Internal Revenue Code of 1986, as amended, authorizing the submission of an application to the South Carolina Budget and Control Board or its designee for the allocation of Recovery Zone Economic Development Bond volume cap to the City; and other matters relating thereto.

Strategic Goal: Ensure the Provision of Quality Public Services

Strategic Objective: Provide for the orderly development and expansion of facilities and infrastructure.

 

Body

In order for the City to issue Recovery Zone Economic Development Bonds (RZEDB)- the City will have to apply to the Budget and Control Board to provide an allocation for this type debt.  This resolution is required in order for the submittal to go to the Budget & Control Board. City staff has checked with financial institutions and gotten favorable feedback that RZEDB financing would be feasible.  Our hope is that this will help our case with the Budget & Control Board, since one of their criteria is "likelihood of successful completion of such financing".  Staff recommends approval of the resolution.