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CfA3 <br />Agency under a long -term contract. Although this arrangement will not affect the cost of <br />delivering such services to the Agency doing so contractually obligates Agency resources <br />and may provide another degree of protection against any attempts by the state to divert <br />Agency resources to the state. <br />Alternative <br />The City Council and the Agency Board could elect not to enter into the loan agreement or <br />administrative services agreement although doing so may put Agency financial resources <br />at risk of being expropriated by the state. <br />Fiscal Impact <br />The Agency will repay the $20 million principal along with interest at the rate at which staff <br />expects the Agency to pay on the bonds the Agency issues later this year. <br />There will be no net financial effect to either the City or Agency from entering into the <br />administrative services agreement. <br />Brian Ponty <br />Director of Finance and <br />Financial Planning <br />Michael Church <br />Executive Director <br />Edward Everett <br />City Manager <br />