Subject:
Title
Consider adopting a Resolution approving the issuance of bonds by the Harrisonburg Economic Development Authority (the EDA) for the benefit of Eastern Mennonite University (EMU)
Body
Presented By: Chris Brown, City Attorney
Recommendation and Review
The EDA will meet on June 10 to consider issuing up to $30,000,000 of its revenue bonds for the benefit of EMU. The proceeds of the bonds will be used by EMU for capital improvements at its campus in Harrisonburg and to refinance various previous bond issuances, all as set for in the attached resolution. The issuance of the bonds requires approval by City Council. There is not financial liability on the part of the EDA or the City for the bonds.