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AGENDA ITEM 3E <br />STAFF ORIGINATOR: Linda Waite Smfth, City Administrator <br />DATE: 7/8/99 <br />TOPIC: Adopt Resolution No. 99-49 authorizing representatives of <br />Springsted Public Finance Advisors to pursue refinancing of City <br />bonds <br />VOTE REQUIRED: 3/5 <br />BACKGROUND: <br />Representatives of Springsted Public Finance Advisors have reviewed the City's <br />outstanding debt and identified three bond issues that could be refinanced to <br />achieve lower interest rates and ultimate tax savings to City taxpayers. The <br />potential savings over the life of the bonds is estimated to be $200,000 after <br />costs of issuance are paid. It would be prudent to pursue refinancing before <br />interest rates increase. <br />Jerry Shannon of Springsted met with the City Council on July 7 to explain the <br />refinancing opportunity and there was consensus to pursue the opportunity. <br />OPTIONS: <br />1. Adopt Resolution No. 99-49 authorizing representatives of Springsted Public <br />Finance Advisors to pursue refinancing of City bonds. <br />2. Return to staff for modification. <br />RECOMMENDATION: <br />Adopt Resolution No. 99-49 authorizing representatives of Springsted Public <br />Finance Advisors to pursue refinancing of City bonds. <br />