Name of requestor: Linda Sanders 498-5722 Carol Block 498-5931, Rex Burns 498-5721

Department: Engineering

Preferred appearance date: 5/13/2008 Time required: 15 min

Date decision needed: 4/24/2008

Objective: To approve bond documents and preliminary official statement for Centro Business Park Public Improvement District #38

Situation: Centro Business Park PID # 38 was created in the November 2007 election. The property owners of the district voted to acquire debt in the amount of $940,000 for road improvements. The general obligation bonds are ready for approval. The BOCC will need to adjourn as the BOCC and convene as the Board of the Directors of the Centro Business Park #38 PID. They will consider the resolution, approve (or not), and adjourn as the Board of Directors of the District. Then they can reconvene as the BOCC. They do need to be acting as the District board and the agenda for the meeting of the BOCC needs to indicate that. The people who need to sign this are the Chairman of the BOCC (as President of the Dsitrict) and two other BOCC members as directors.

Proposal: The Board of Directors for Centro Business Park Public Improvement District #38 will approve the bond resolution.

Advantages: Sale of bonds will provide a funding source to improve the roads in the district as per the desires of the owners.

Disadvantages: The property owners of the district will have increased debt and increased taxes for 12 years.

Requested action: That the Board of Directors of Centro Business Park #38 PID approve the Resolution for the issuance and sale of the district's general obligation bonds, Series 2008: approving a Registrar agreement, bond purchase agreement, letter of representation and a preliminary offical statement in connection therewith authorizing the project; providing details concerning the bonds and funds appertaining thereto: ratifying acts previously taken concerning said bonds; repealing all resolutions in conflict herewith; and providing other matters relating thereto.

Potentially Affected Interest: Engineering Department, Finance Department, Property owners in the district

Level of Public Interest and Participations: Minimal, Centro Business Park PID #38 property owners

Audio/Visual/Computer Needs: None needed