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I <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br />I <br />I. <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />ISSUANCE OF GENERAL OBLIGATION TAX INCREMENT BONDS, <br />SERIES 2000B <br /> BY: Diana Lund; Finance Officer <br /> <br />Background: Included in the 2000-2004 CIP were projects for the construction of a <br />second water tower and a fifth well. Based on recommendations of a water system study <br />performed in 1999, Council authorized the approval of these two projects. <br /> <br />The proposed costs of water tower #2 and well #5 are $1,870,000 and $440,000, <br />respectively.. It is proposed that funding for tower #2 will consist of $1,211,000 in TIF <br />funds with the remainder being paid from the utility funds. Well #5 will be funded in <br />total from TIF funds. TIt; funding will be financed from the issuance of $1,695,000 in <br />General Obligation Tax Increment Bonds. Springsted Incorporated, the City's financial <br />advisor, has requested that Council consider setting a sale date for said bond. <br /> <br />Recommendation: Staff recommends that Council adopt Resolution #00-04-XXX <br />'providing for the sale of $1,695,000 General Obligation Tax Increment Bonds, Series <br />2000B. ~ <br /> <br />Council Action: Motion to authorize the adoption of ResolutiOn #00-04-XXX providing <br />for the competitive negotiated sale of General Obligation Tax Increment Bonds, Series <br />2000B in the amount of $1,695,000 to fund the cons~.~ction of water tower #2 and well <br /> <br />City Administrator <br />Finance Officer <br /> <br />CC: 04/24/00 <br /> <br /> <br />