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COUNCIL MEETING <br />October 27, 1986 <br />1. That the City hereby approves the sale by <br />Group W Cable, Inc. of all of the issued and <br />outstanding shares of the capital stock of <br />Group W Cable of the North Central Suburbs, <br />Inc. and the transfer of control of Group W <br />Cable of the North Central Suburbs, Inc. to <br />North Central subject to an actual closing of <br />the stock sale transaction on or before December <br />31, 1986, pursuant to the terms and conditions <br />as evidenced by the Notice of Transfer to said <br />Commission and City and all written represent- <br />ations from North Central associated therewith. <br />2. The City approves the pledge by North Central <br />as security to its lenders the stock and <br />assets of North Central and Group W of the <br />North Central Suburbs, Inc. <br />Passed and adopted this 27th day of October, 1986. <br />Marilyn G. Anderson <br />Clerk - Treasurer <br />CONSIDERATION OF RESOLUTION #47 - 86 AUTHORIZING REFINANCING OF <br />BLACK DUCK IMPROVEMENT BOND - DAVE MACGILLIVARY, SPRINGSTED, INC. <br />Mr. MacGillivary explained the purpose of this proposal is to <br />refund the 1982 bond issue and to provide funding for the Sunset <br />Road improvements. By refunding the 1982 issue, interest rates <br />will be reduced producing $60,000 to $80,000 savings over a <br />three year period. He also explained this is a good time to <br />sell bonds since interest rates are low and there is a good <br />demand for municipal bonds. <br />Mr. Marier moved to approve Resolution #47 -86 authorizing the <br />refinancing of the 1982 improvement bonds and dispense with <br />the reading. Mr. Bohjanen seconded the motion.. Motion carried <br />unanimously. <br />1 <br />