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City Council Regular Meeting Minutes May 27, 2014 Page 8 The proposed issue is an advance refinancing of the City's $1,910,000 General Obligation Street Reconstruction Bonds, Series 2008A. Debt service will be paid from ad valorem property taxes. Interest rates on the obligations proposed to be refunded are .35% to 2.4%. The refunding is expected to reduce interest expense by approximately $92,000 over the next 10 years. The Net Present Value Benefit of the refunding is estimated to be $85,000 equal to 6.641% of the refunded principal. 9 This refunding is consider an Advance Refunding as the new Bonds will be issued more than 90 10 days prior to the call date of the obligations being refunded. 11 12 Councilmember Gray stated these could not be refinanced before now. Ms. Kvilvang stated it 13 beneficial to do it now rather than February 2015. 14 15 Motion by Councilmember Roth, seconded by Councilmember Jenson, to adopt Resolution 14- 16 040; a Resolution Providing for the Sale of $1,330,000 General Obligation Refunding Bonds, 17 Series 2014C. 18 19 Motion carried unanimously. 20 21 VII. REPORTS FROM CITY MANAGER AND COUNCIL MEMBERS. 22 23 City Manager Casey — no report 24 25 Councilmember Stille - no report. 26 27 Councilmember Gray - no report. 28 29 Councilmember Jenson — no report 30 31 Mayor Faust reported on his attendance at the following events: 32 • May 20, 2014 — Chamber of Commerce Meeting and provided an update on the City. 33 • May 23, 2014 — Drive -about photo shoot for the League on the collaboration as a 34 community of St. Anthony. 35 36 VIII. COMMUNITY FORUM. 37 38 Mayor Faust invited residents to come forward at this time and address the Council on items that 39 are not on the regular agenda. 40 41 Hearing none, Mayor Faust moved forward with the agenda. 42 43 IX. INFORMATION AND ANNOUNCEMENTS 44 45 Mayor Faust encouraged residents to attend the SALO Concert Series. 46