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I <br />I <br />! <br />I <br /> <br />CONSIDE] <br />OBLIGA'] <br /> <br />Background: <br /> <br />CASE <br /> <br />rATION TO AWARD SALE OF $330,000 TAXABLE GENERAL <br />'ION TAX INCREMENT REFUNDING BONDS, SERIES 1996A <br /> By: Jessie Hart, Finance Officer <br /> <br />On November 17,i 1995, the City Council adopted Resolution #95-11-250 Providing for the <br />Issuance and Sale lof $330,000 Taxable General Obligation Tax Increment Refunding Bonds, <br />Series 1996A. Th~ sale date has been set for Tuesday, December 12, 1995, at 11:30 a.m. Bids <br />will be opened by ~pringsted, Inc. and a representative will be present at the meeting to review <br />the bids and recon~.' end who should receive the award. <br /> <br />At this time the tothl estimated savings is approximately $38,000, the same as when the sale was <br />set in November. ~'he award will be on the basis of the lowest interest rate to be determined on a <br />true interest cost (T~C) basis. <br /> <br />The resolution for award will be drafted by Dave Kennedy, Bond Counsel, and will be forwarded <br />to the City for signatures when the award of sale is approved. <br /> <br />Staff Recommendiation: <br /> <br />Accept recommendation from Springsted to award the sale to the bidder with the lowest TIC. [ <br /> <br />Council Action: <br /> <br />Motion to adopt l~.esolution Awarding the Sale of $330,000 Taxable General Obligation Tax <br />Increment Refundigg Bonds, Series 1996A, Fixing Their Form and Specifications; 'Directing <br />Their Execution and Delivery; and Providing for Their Payment <br /> <br /> r <br />Reviewed by: <br /> <br />City Administrator l <br />Finance Officer <br /> <br />CC: 12/12/95 <br /> <br /> <br />