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<br />~,' ,,_-'..~.t <br /> <br />RESOLUTION NO. R 7 -4,0 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />RESOLUTION PROVIDING FOR THE SALE OF REFUNDING BONDS <br /> <br />Whereas, the City has reviewed the options for refinancing <br />existing debt; <br /> <br />Whereas, the refinancing of debt is advantageous to the <br />community as it will provide for a savings in the debt levies; <br /> <br />Whereas, the preferred manner for structuring the refinancing <br />is through the use of crossover and current refunding bonds; <br /> <br />Now, therefore be it resolved that: <br /> <br />1. The City does authorize the crossover and current <br />refunding as follows: <br /> <br />$300,000 Fire Station Bonds <br />$150,000 MedCenter Bonds <br />$65,000 MedCenter Bonds <br />$425,000 Water Bonds <br />$1,330,000 Water Bonds <br />$2,050,000 Assessment Bonds <br /> <br />Refunding option <br />current <br />current <br />current <br />crossover <br />crossover <br />crossover <br /> <br />2. The City Manager and Finance Director are authorized to <br />negotiate the preferred structure for these refundings. <br /> <br />3. The City Manager and Finance Director shall report back <br />to the City Council on the results of these negotiations to <br />enable the Council to approve the sale. <br /> <br />Adopted this <br /> <br />14+-h <br /> <br />day of <br /> <br /> <br />ATTEST: <br /> <br />~(Yi\/ <br />Marga et A. Egan <br />Finance Director <br />