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bonds sold at rates; that were very similar done in <br />other states. In order to effect a lien on this <br />property, a non-profit building authority would <br />have to be created. The lien would be assigned <br />to them which slightly changes the structure and <br />that is why the documents are being redone. The <br />issuance is the same ($4.34 million), same term <br />(20 years), same maturity schedule, same repayment <br />of principal with a.n invested reserve fund. There <br />is no change in th.e bond commission and issuance <br />costs to the City. <br />Stahl further explained that there is no general <br />obligation debt on behalf of the City. <br />Mr. Jordan stated that this structure is being <br />used more frequently wherein this is a type of <br />lease that runs fo~° one year. At the end of the <br />year it is decided whether to terminate or <br />continue for another year. This structure allows <br />a lien on the project which you are not allowed to <br />have under the revenue bond structure. This type <br />of lease places a one year obligation on the part <br />of the City. It can terminate at the end of that <br />year and will terminate if the City does not <br />budget appropriate money for the next year's lease <br />payment. <br />Mayor Fauson moved and Mohr seconded to place <br />Ordinance #959, Series 1988 out for publication <br />and a public hearing set for June 20, 1988. The <br />motion passed 5-0. <br />AUTHORIZATION TO REJECT GOLF COURSE MANAGEMEIJT <br />BIDS Lillo explained that four firms responded to the <br />Request for Proposal for the maintenance and <br />operation of the Louisville Municipal golf course. <br />None of the four proposals submitted met the <br />evaluation criteria as outlined by the RFP. Upon <br />review of the proposals by the Golf Course <br />Advisory Committee, it is their recommendation <br />that Council reject these proposals and allow the <br />Committee to invite three to four management firms <br />in to make oral presentations to better evaluate <br />the direction the City should consider regarding <br />maintenance and management of the course. <br />Although some of the criteria set forth in the RFP <br />were not met in the proposals received, managing <br />municipal golf courses is a relatively new field, <br />Stahl stated. However, there are three or four <br />groups that have ex:perience managing golf courses <br />that could have a proven track record and have <br />individual history prior to being involved in a <br />corporation that staff may want to come back and <br />3 <br />