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515 Little Canada Road, Little Canada, MN 55.117-1600 <br />(651) 766-4029 / FAX: (651) 766-4048 <br />www.ci.1 ittle-can ada.tnn.us <br />MEMORANDUM <br />TO: Mayor Keis & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: May 21, 2015 <br />RE: Crossover Refunding of Callable 2008 GO Bonds (TIF Portion Only) <br />MAYOR <br />John Keis <br />COUNCIL <br />Rick Montour <br />Michael McGraw <br />Tom Fischer <br />Christian Torkelson <br />ADMINISTRATOR <br />Joel R. Hanson <br />Given the increasing interest rate environment we have recently been experiencing, Mark Ruff of <br />Ehlers advised us that we should proceed with the cross over refunding to lock in savings. Keep <br />in mind that rates could fall in the future, but this is a "bird in hand" consideration. <br />Mr. Ruff will be present at Wednesday's meeting to review the bids received on the bond issue. <br />We have rated the bonds with Standards & Poors and we retained our AA+ rating received last <br />year. (The rating report was forwarded to you under separate cover.) <br />Attached is a draft resolution awarding the sale of the cross over refunding bonds. The details <br />included in this resolution will be filled in once the bids are received and then it will be presented <br />for approval at Wednesday's meeting. <br />