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Page 3 - June 13. 2006 New Brighton Council Minutes lotion by Council Member Doffing seconded by Council Member Bauman to prove the consent agenda as amended. 4 Ayes - 0 Nays, Motion Carried Public Hearinsz None Council Business 1. Consideration of resolution providing for the issuance and sale of $20,730,000 General Obligation Tax Increment Bonds, Series 2006A. Report No. 06-131. Resolution No. 06-051. Dan Maiers, Director of Finance stated this was the third of four expected bond issues for the Northwest Quadrant redevelopment project. The bonds would be sold through a competitive bid process; with the final debt payment on the bonds is scheduled to be February 1, 2032; with a feature allowing prepayment on or after February 1, 2017. ilK ayor Larson inquired as to the bond ratings effect on issues like this. E. Maiers indicated the city's bond rating was recently upgraded from Al to Aa3. Kathy Aho, a representative from Springstead Financial; stated the anticipated interest savings based on the upgraded bond rating would be approximately $400,000.00. Council member Doffing questioned whether the anticipated funds required for 2007-2008 are known. Mr. Maiers stated the bond proceeds would likely be spent within 12 months; with the next bond issue being substantially less. Motion by Council Member Burg seconded by Council Member Bauman to approve the resolution providing for the issuance and sale of $20,730,000 General Obligation Tax Increment Bonds, Series 2006A. 4 Ayes - 0 Nays, Motion Carried ommission Liaison Re orts Announcements and U dates Municipal Advisory Commission Reports: 6. Considemtion of Proposal for Old Highway 8 Prel.i.tnIDary Design Services. Report No. 06-127. Resolution No. 06-049. 7. Establish Public Hearing Date for Proposed Tax Increment Financing District on former Marv's Transmission Site at 715 Old Highway 8 NW. Report No. 06-128. Resolution No. 06-050. 8. Consideration of acceptance of the LELS Patrol Officers Arbitration award. Report No. 06~129. 9. Consideration of Ordinance Amending Section 2-71 of the City code relating to municipal corrunission members involvement in City contracts. Report No. 06-130. Ordinance No.7 41 ouncH Business 1. Consideration of resolution providing for the issuance and sale of $20,730,000 General Obligation Tax Increment Bonds, Series 2006A. Report No. 06-131. Resolution No. 06-051.