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I CITY COUNCIL MEETING <br /> 2 NOVEMBER 23, 1993 <br /> 3 PAGE 10 - <br /> 4 <br /> 5 IX. NEW BUSINESS. <br /> 6 <br /> 7 A. Resolution 93-065 re: Refinancing $235.000 General Obligation Tax <br /> 8 Increment Refunding Bonds. <br /> 9 <br /> 10 Robert Thistle, Vice President of Springsted reviewed the recommendation submitted <br /> 11 to the Council regarding the refunding of the 1985A tax increment bonds. Springsted <br /> 12 is proposing to refund the remaining $215,000 for the bonds. - The purpose is to take <br /> 13 advantage of the lower interest rates. The current interest rate is 8.69% and <br /> 14 Springsted is:estimating a reduction to approximately 4.11% based on the current <br /> 15 market for an estimated savings of $27,400. <br /> 16 <br /> 17 Motion by Wagner and seconded by Enrooth to approve the refinancing of Resolution <br /> 18 93-065. <br /> 19 <br /> 20 Motion carried unanimously. <br /> 21 <br /> 22 X. UNFINISHED BUSINESS. <br /> 23 <br /> 24 None. <br /> 25 <br /> 26 XI. ADJOURNMENT. <br /> 27 <br /> 28 Motion by Marks and seconded by Fleming to adjourn the meeting at 8:55 p.m. <br /> 29 <br /> 30 Motion carried unanimously. <br /> 31 <br /> 32 <br /> 33 Respectfully submitted, <br /> -34 <br /> 35 <br /> 37 Margaret A. Noyd <br /> 38 Council Secretary <br /> 39 <br /> 40 <br /> 41 <br /> 42 Mayor Clarence Ranallo <br /> 43 <br /> 44 ATTEST: <br /> 45 City Clerk <br /> 46 <br />