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WS — Item 4 <br />WORK SESSION STAFF REPORT <br />Work Session Item #4 <br />Date: October 6, 2008 <br />To: City Council <br />From: Al Rolek <br />Re: Town Center Update <br />Attached is a letter from Terri Heaton of Springsted, Inc. relative to the cash flow options <br />for debt service for the G.O. Improvement bonds 2005A. It appears that we have come <br />full circle on this discussion. Due to market conditions at this time, for various reasons, <br />the best option for the city to pursue is to finance debt service payments on this issue <br />through internal loans. Staff recommends that the Sanitary Sewer fund loan the funds in <br />the near term for debt service payments. This loan will be repaid through future <br />assessment collections. We will continue to monitor the markets and the property records <br />for activity that is conducive to future debt service payment options. <br />1 <br />