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Mounds View City Council Page Six <br /> Regular Meeting April 12, 1993 <br /> Mayor Linke closed the public hearing at 8: 15 p.m. and thanked the MWCC foie <br /> all of the information given at the hearing. <br /> CONSENT AGENDA: <br /> Samantha Orduno, City Administrator, read the Consent Agenda. <br /> Mayor Linke asked if there were any items the Council desired removed from <br /> the Consent Agenda. The Council removed no items. <br /> MOTION/SECOND: Quick/Wuori to adopt the Consent Agenda as <br /> presented. <br /> VOTE: 5 ayes 0 nays Motion Carried <br /> COUNCIL BUSINESS: <br /> A. Don Brager, Finance Director-Treasurer introduced Mr. Ron Langness of <br /> Springsted to explain Resolution No. 4359, A Resolution Providing for <br /> the Competitive Negotiated Sale of $720, 000 .General Obligation Tax <br /> Increment Refunding Bonds, Series 1993 B and Resolution No. 4360, A <br /> Resolution Providing for the Competitive Negotiated Sale of $2,310, 000 <br /> General Obligation Water Revenue Refunding Bonds, Series 1993 A. <br /> Mr. Langness explained that advance refunding is the issuance of bonds <br /> to pay off outstanding bonds before their due date. A cost savings is <br /> realized because the new (refunding) bonds are issued at a lower <br /> interest rate than the old (refunded) bonds. 411 <br /> Mr. Langness explained that the net interest rate on the callable <br /> maturities of the General Obligation Water Revenue Bonds, Series 1991A <br /> is 6.77%. Based on current market conditions it is estimated that <br /> refunding bonds could be issued at a net interest rate of 5.37% which <br /> would result in a total savings of $166,000. <br /> Mr. Langness explained that the net interest rate on the callable <br /> maturities of the General Obligation Tax Increment Bonds, Series 1989B <br /> is 6.71%. Based on current market conditions it is estimated that. <br /> refunding bonds could be issued at a net interest rate of 4. 69% which <br /> would result in a. total savings of $42,900. <br /> Mr. Langness recommended adopting Resolution No. 4360 because of the <br /> larger cost savings and denying Resolution No. 4359 because the savings <br /> were not significant enough. <br /> MOTION/SECOND: .Quick/Blanchard to adopt Resolution No. 4360 - A <br /> Resolution Providing for the Competitive Negotiated sale of <br /> $2,310,000 General Obligation Water Revenue Refunding Bonds, Series <br /> 1993A <br /> VOTE: 5 ayes 0 nays Motion Carried . <br />