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ACCEPTING PROPOSALS ON THE SALE OF GENERAL OBLIGATION TAX <br />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 />At the April 25, 2000 City Council meeting, the Council authorized the sale of <br />$1,695,000 in General Obligation Tax Increment Bonds with a bond sale date of May 23, <br />2000. <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. TIF funding will be financed from the issuance of the $1,695,000 <br />General Obligation Tax Increment Bonds. <br /> <br />Recommendation: Staff recommends that Council adopt Resolution #00-05-XXX <br />awarding the sale of $1,695,000 General Obligation Tax Increment Bonds, Series 2000B. <br /> <br />Council Action: Motion to authorize the adoption of Resolution #00-05-XXX awarding <br />the sale of $1,695,000 General Obligation Tax Increment Bonds, Series 2000B; providing <br />for their issuance; pledging for the security thereof tax increments, and levying a tax for <br />the payment thereof. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Finance Officer <br /> <br />CC: 05/23/00 <br /> <br /> <br />