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k _ Item No: 8.13. <br />MOUND7�T� Tj—�-�T Meeting Date: March 25, 2013 <br />S V 1L.�V Type of Business: Council Consent <br />Administrator Review: �1 t� <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 8077 Approving General Obligation <br />Capital Improvement Plan Refunding Bonds to be <br />Issued by the City of Blaine, Minnesota <br />The City through a joint powers agreement with the Cities of Blaine and Spring <br />Lake Park created the SBM Fire Department. Blaine acts as the fiscal agent and <br />has issued bonds on behalf of the three cities. <br />In 2005, $8,050,000 of General Obligation Improvement Bonds were issued by <br />Blaine to construct a new fire station and purchase equipment. Interest rates are at <br />a level that makes it advantageous to refinance those bonds to save interest costs <br />for the three cities. This resolution authorizes Blaine to move forward with that <br />process. Staff recommends approval of resolution 8077. <br />Respectfully Submitted, <br />vlark Beer <br />