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MINUTES <br />CITY COUNCIL <br />OCTOBER 17, 1991 <br />Blesener pointed out that staff began looking at the <br />possibility of refunding a year ago. However, it is <br />only recent drops in interest rates that has made the <br />refundinq a possibility. <br />The City Administrator again pointed out that the <br />figures before the Council are based on conservative <br />estimates, and in all reality the savings to the City <br />will be higher. The Administrator also reported that <br />the City Auditor reviewed the restructuring proposal <br />and supports it. The Auditor has suggested that the <br />Improvement Bonds of 1984 be reviewed for the <br />possibility of calling outstanding principal as well. <br />The City Administrator reported that the Council will <br />be presented with proposed resolutions calling for <br />redemption of the G.O. Improvement Bonds of 1983 and <br />1985 at its October 23rd meeting. This will be the <br />first step in the restructuring process. <br />There being no further business, the meeting was <br />adjourned at 12:35 P.M. <br />Attest: <br />Page 4 <br />