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Space discussed here. Due to the reasons previously stated, staff would ask the Board for <br />approval to issue alternative financing rather than general obligation bonds for this $6.9 million. <br />The issuance of general obligation bonds approved by the voters must occur within seven years <br />of the referendum. The Local Government Commission can approve a three year extension for <br />good cause. The current authorization will expire November 6, 2008 unless an extension is <br />granted. While staff believes that the issuance of alternative financing is the best route to <br />proceed, in abundance of caution, staff believes it is prudent to also ask the Board to authorize <br />staff to proceed to apply for an extension of the existing authority to issue general obligation <br />debt. <br />FINANCIAL IMPACT: There is no financial impact related to the actions being proposed. <br />However, there will be a financial impact connected with the future request to move forward with <br />the actual issuance of debt. <br />RECOMMENDATION(S): The Manager recommends that the Board authorize staff to move <br />forward with plans to issue alternative financing rather than general obligation bonds for the <br />remaining $6.9 million of Alternative Housing and Parks and Open Space authorization and also <br />authorize staff to move forward to seek approval of an extension of the general obligation <br />authority to issue general obligation debt. <br />