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Page 4 of 6 The true interest cost is 1.2442% including underwriter fees. The majority will be paid off in five years. Anticipated savings are $82,000; the closing date is scheduled for April 24, 2012. Mayor Jacobsen asked if the bonds will remain as general obligation bonds. Mr. Ruff stated they have been and will continue to be general obligation bonds. Motion by Councilmember Burg, seconded by Councilmember Samuelson to waive the reading and adopt the RESOLUTION AWARDING THE SALE OF $2,705,000 GENERAL OBLIGATION BONDS, SERIES 2012A. 4 Ayes, 0 Nays, -Motion Carried 3. Considerationof Resolution Awarding the Sale of $1,110,000 Taxable General 3. Cbrodaubon of Tax Increment Reftmding Bonds, Series 2012B. Report No. 12- Resolution AwardingObligation the Saleof $1,110,000 072. Resolution No. 12-024. Taxable General Obligation Tax Increment Refunding Director Maiers reported that the 2004B Bonds were originally issued in the amount of Bonds, Seises 2012B. $2,385,000, payable from tax increment revenues from TIF District #'s 15, 20, 25, 26, 27, 28 Report No. 12-072. Resolution No. 12 - and 29. There is $1,215,000 currently outstanding after the February 1, 2012 payment. 024. Interest rates are averaging 5.0% on the remaining outstanding principal. Mark Ruff reported that five bids were received; the winning bid was from UMB Bank, Kansas City, MO. Anticipated savings are $71,000. The adjusted amount of the bond issue is $1,095,000. The true interest cost is 1.7%. Councilmember Bauman questioned a committed contract with the City of New Brighton and the National Sports Center from 1996 to purchase ice time. Mr. Ruff explained that the NSC is a state facility, and the amateur sports commission requested Anoka Co. finance the facility. The National Sports Center and the Amateur Sports Commission entered into agreements with neighboring cities to guarantee a number of hours. It was reported that the National Sports Center is successful, and there has not been a need for the Cities to pay. Mr. Ruff compared it to cosigning a loan. Additionally Councilmember Bauman noted that the City no longer is affiliated with the North Metro Mayors Association. Motion by Councilmember Burg, seconded by Councilmember Samuelson to To waive the reading and adopt the RESOLUTION AWARDING THE SALE OF $1,110,000 TAXABLE GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 2012B. 4 Ayes, 0 Nays, -Motion Carried ' 3. ** Consideration of appointments to Advisory Commissions Report Na 12- 073. ppano "�A dviwq of Tabled until April 10, 2012 Rq70ntNh 12-073. Tabled im&Apr110, 2012