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• <br />• <br />• <br />CITY COUNCIL <br />AGENDA ITEM 3C <br />STAFF ORIGINATOR: Jeff Karison, City Administrator <br />MEETING DATE: July 23, 2012 <br />TOPIC: Amendment to North Metro TV Joint Cooperative Agreement <br />VOTE REQUIRED: 3/5 <br />INTRODUCTION <br />The Council is being asked to approve a resolution amending a joint cooperative agreement for <br />North Metro Cable Television to refinance the building bond. <br />BACKGROUND <br />The North Metro Cable Commission has submitted a proposal to refinance the North Metro TV <br />building bond at a lower interest rate, which will result in a savings of $64,000. While working <br />on the refinancing, bond counsel stated that the refinancing institution, Bremer Bank, requires <br />that all voting members of the Cable Commission be elected officials, including alternates: <br />Currently, the Joint Cooperative Agreement does not require that alternates be elected officials. <br />As a result, the Joint Agreement needs to be amended in order to move forward with the <br />refinancing. <br />RECOMMENDATION <br />Approve Resolution 12 -75, "Approving First Amendment to Joint and Cooperative Agreement <br />and Approving Issuance by the North Metro Communications System of Certain Refunding <br />Bonds." <br />ATTACHMENTS <br />First Amendment to Joint and Cooperative Agreement for the Administration of a Cable <br />Communications System <br />Resolution No. 12 -75 <br />