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• <br /> a <br /> MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br /> REQUEST FOR EDA CONSIDERATION <br /> 0 STAFF REPORT <br /> EDA MEETING DATE February 5, 1996 <br /> EDA Action: <br /> ❑ Special Order of Business Agenda Section: 2. <br /> ❑ Public Hearings Report Number:96-1585WS <br /> ❑ Consent Agenda Report Date: 2-1-96 <br /> ❑ EDA Business <br /> Item Description: Consideration of Resolution No. 96—EDA42 <br /> Executive Director's Review/Recommendation: <br /> - No comments to supplement this report <br /> - Comments attached <br /> Explanation/Summary (attach supplement sheets as necessary) <br /> SUMMARY: <br /> Attached please find resolution#96-EDA 42 authorizing the execution of a tax increment pledge <br /> 41110 agreement for the sale and issuance of$2,750,000 Taxable General Obligation Tax Increment Bonds, <br /> Series 1996A to refund the City's $2,510,000 Taxable General Obligation Tax Increment Bonds, Series <br /> 1989A& 1989C . Springsted, Inc. estimates that based upon current market conditions the City will <br /> realize a savings of$215,612.67 as a consequence of the difference in interest rates between the two <br /> issues; 6.335% vs. 9.602%. <br /> The resolution also authorizes the execution of a tax increment pledge agreement for the sale and issuance <br /> of$810,000 General Obligation Tax Increment Bonds, Series 1996B to refund the City's $760,000 <br /> General Obligation Tax Increment Bonds, Series 1989B. The projected savings for the City based on the <br /> current market conditions is $41,675.98 as a consequence of the difference in interest rates between the <br /> two issues, $.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 /> Mary E. fat ra ek, Treasurer <br /> RECOMMENDATION: <br /> 7 <br /> . . <br /> I <br />