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OF REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 3,4 <br /> nilirS STAFF REPORT Report Number: 96-1586WS <br /> P AGENDA SESSION DATE February 5, 1996 Report Date: 2-1-96 <br /> IIII,rr•Partnen��QS <br /> DISPOSITION <br /> Item Description: Consideration of Resolution No. 4890 and Resolution No. 4891 <br /> Administrator's Review/Recommendation: <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> $TJMMARY; <br /> Attached please find resolution#4890 authorizing the sale and issuance of$2,750,000 Taxable General <br /> Obligation Tax Increment Bonds, Series 1996A to refund the City's $2,510,000 Taxable General <br /> Obligation Tax Increment Bonds, Series 1989A& 1989C. As reported previously Springsted, Inc <br /> estimates that based upon current market conditions the City will realize a savings of$215,612.67 as a <br /> consequence of the difference in interest rates between the two issues; 6.335% vs. 9.602%. <br /> • <br /> Resolution#4891 is also attached for your authorization of the sale and issuance of$810,000 General <br /> Obligation Tax Increment Bonds, Series 1996B to refund the City's $760,000 General Obligation Tax <br /> Increment Bonds, Series 1989B. The projected savings for the City based on the current market <br /> conditions is $41,675.98 as a consequence of the difference in interest rates between the two issues, <br /> $.578% vs. 6.729%. <br /> James O'Meara, the City's bond attorney,has prepared the attached resolutions for your consideration <br /> which authorize the sale of these two refunding bonds. Mr. O'Meara has noted no problems with the <br /> proposed bond sale. <br /> , ‘-e_,,-c-/._ d=, ,___„ ,,..„,_,L... <br /> Mary E. Taff ek, Interim Finance Coordinator <br /> v <br /> 411 <br /> RECOMMENDATION; <br />