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OTO: <br />G From: <br />C Date: <br />�G Subject: <br />Mike Morrison -- City Manager <br />Stacie Kvilvang — Ehlers and Associates <br />December 11, 2007 <br />Payoff of Existing Debt <br />EHLERS <br />& ASSOCIATES INC <br />In mid 2007 the City Council completed a Financial Management Plan (FMP) for the City. <br />One of the components of this plan was a review of all the existing debt the City has issued <br />and available funds to repay debt service. <br />The debt study revealed that the City could payoff three (3) existing bond issues that are <br />currently or will be callable in February 2008. These issues and their outstanding payment <br />amount are as follows: <br />15 <br />Issue <br />1997A <br />- Purpose <br />Portion of 35" Avenue & Roosevelt Street <br />, , <br />$359,052.00 <br />1999A <br />Portions of Wilson Avenue and Pahl Street <br />$255,576.25 <br />2003D <br />Refunding of 1993A, 199413 and 1995 bonds <br />$329,370.00 <br />TOTAL <br />N/A <br />$943,998.25 <br />In order to implement this recommendation/finding from the FMP, the City is required to pass <br />a resolution calling these bonds. Upon payment in full on these bonds, the City's oldest <br />outstanding debt will be only 6-I- years old. <br />Please contact me at 651-697-8506 with any questions. <br />LEADERS IN PUBLIC FINANCE <br />3o6o Centre Pointe Drive Phone: 65i 6g7 -85o6 Fax: <br />Roseville, MN 55113-1105 skvilvang@ehiers-inc.com ehiers-inc.com <br />