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City Council Regular Meeting 'Minutes December 11 r 2006 Page 4. 1 - C. Resolution 06-095 • ApWoving Revised Contract for Police Services for Lauderdale. 3 City Manager Morrison informed Council that the 'City of Lauderdale has re uested an increase 4 in police coverage from 16 to 24 hours. He indicated the cost for the three-year .contract would 5 be $519,000 in 2007, $548,100 in 2008, and $57.8,250 in 2009 6 7 Motion by Councilmember Thuesen, seconded by Councilmember Gray, to adoptt Resolution 06- 8 095, a Resolution Amending the Joint Powers Agreement for Police Services with the City of 9 Lauderdale with Increasing the Contract Hours to 24 Hours From 15 Hours he p Contingent upon g 10 Approval of the Amended Joint Powers Agreement by the City of Lauderdale. 11 -- 12 Motion carried unanimous!y. 13 14 Mayor Faust stated it was his understanding the City of Lauderdale approved the budget for the 15 increased police coverage and would approve the .Joint Powers Agreement. 16 17 18 D. Resolution 06-096; Authorizing the Sale and Issuance of Variable Rate Demand 19 Multifamily Houses Revenue Bonds (The Landings at Silver Lake Village Project), 20- Series 2006; Establishing the Security therefore and Authorizing the Execution of 21 Documents. 22 23 City. Attorney Lindgren stated resolution 06-096 deals with the financing for the Landings at • g g 24 Silver Lake Village residential area. He reported the developer currently has three series of multi 25 family housing bonds out. He stated the resolution is a. refunding vehicle for a debt 26 consolidation under which the City has already participated. He explained the financing is not a 27 liability of the City, but a conduit financing that allows the developer to use afinanoing structure 28 that allows thein to have a portion of the debt be on a tax exempt basis where the interest earned 29 on the bonds is not taxed by the Federal Government. He explained the debt services on the 30 bond are paid solely by the borrower with no liability with respect to the bond by the City. 31 32 City Attorney Lindgren explained the documents being. roved in the resolution relate to app 33 $6,400,000 of multi family housing bonds that would refund one of the existing series ofbonds 34 previously approved by the City Council. He stated the reason the developer wants to do this is 35 that they found a lender that would save them effort in how this is handled in addition to the cost 36 savings. He mentioned it is not in essence a new debt, but a tool to do what was already 37 approved by City Council. 38 39 Mayor Faust restated this is not .a liability to the City; rather it is being a good partner in Silver g 40 Lake Village and the business that is already there. 41 42 Councilmember Stille stated this adds value to theproverty,which is ood for the Ci . He . g ty. 43 mentioned this is a conduit that the City provides for lower rates than in the open market. He 44 stated it appears the reason the developer is able to do this is because they took the construction 45- and up risk out, which enabled them to find more favorable rates. 46 A