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Council Business November 9 , 2010Page 4 of 5 Council Business 1. Consideration ofResolution Providing for the Sale of $2,250,000 Taxable General Obligation Tax Increment Refunding Bonds, Series 2010B. Report No. 10-259. ' Resolution No. 10-073. City Manager Lotter reported the two Council Business items on the agenda were discussed at the preceding worksession. Finance Director Dan Maiers reported the 2010B Bonds will refinance the Taxable General Obligation Tax Increment Bonds, Series 2001 C to reduce interest costs. These bonds are callable starting February 1, 2011. Current interest rates are over 6.25%. It is anticipated that the interest rate on the refunding bonds will be about 2.75%. The same source of payment originally used for the 2001C Bonds will be used to make the debt service payments for the 2010B Bonds: tax increment revenues from TIF Districts 5, 8, 15, 26, 28, and 29. Upon approval, Tuesday January 11o'bids would be accepted and awarded at the City Council Meeting. Motion by Councilmember Burg, seconded by Councilmemher Phillips to approve the resolution providing for the sale of $2,250,000 Taxable General Obligation Tax Increment Refunding Bonds, Series 2010b option 1. 5 Ayes, 0 Nays, Motion Carried ' 2. ConsiderationofResolution Providing for the Sale of $2,170,000 General Obligation Bonds, Series 2010C. Report No. 10-260. Resolution No. 10-074. Finance Director Maiers reported the the 2010C Bonds will finance Improvement Projects, #10-1, 2010 Street Reconstruction, and #10-3, Silver Lane Reconstruction. Bond proceeds, in an amount of $635,000, will finance both street reconstruction projects. Opportunities are also available for the City Council to refinance existing bond issues, 2001B G.O. Tax Increment and 2003A G.O. Improvement and Water Revenue, at lower interest rates. It is recommended that the street reconstruction bonds be combined with the two refinancings into one bond issue since they are each relatively small individually, thereby enhancing marketability and reducing issuance costs and interest rates. Tuesday January 11 m bids would be accepted and awarded at the City Council Meeting. Councilmember Burg expressed her appreciation for City Staff and consultants for efficient finance practices. Motion by Councilmember Phillips, seconded by CouncilmemberBurg to adopt the resolution providing for the sale of $2,170,000 General Obligation Bonds, Series 2010c 1 5 Ayes, 0 Nays, Motion Carred 1. Consideration of Resolution Providing for the Sale of $2,250,000 Taxable General Obligation Bonds, Series 2010B. Report No. 10-259, 2. Consideration of Resolution Providing for the Sale of $2,170,000 General Obligation Bonds, Series2010C. Report No. 10-260.