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CC Regular Session <br />Meeting Date: 02/14/2012 <br />By: Diana Lund, Finance <br />Information <br />4. 13. <br />Title: <br />Adopt Resolution #12-02-XXX Calling for a Public Hearing on the Intention to Issue General Obligation Capital <br />Improvment Plan Refunding Bonds. <br />Background: <br />This public hearing request will pertain to the outcome of the budget meeting on February 14. <br />As part of the 2013 budget discussion, the refinancing of the Muncipal Center Debt has been addressed. The <br />current rate of interest is at 4.44% with an annual debt payment of approx $1.5M. The current debt schedule has the <br />earliest call date of December 2014. Due to the lowest interest rates in recent history, vaious debt schedules have <br />been prepared that show a positive present value benefit to extend the debt to 2031 and reduce the annual debt <br />payment to approximately $1 M-$1.17M. <br />The City's finance consultant, Paul Donna will be present at the budget worksession on February 14, prior to the <br />regular city council meeting to discuss a possible refinancing and the savings that could be generated. <br />Notification: <br />The debt schedules attached are reflective of the rates offered on February 7, 2012. These are presented only as a <br />proposed estimate as interest rates fluctuate daily. <br />Council Action: <br />Motion to recommend Council adopt Resolution #12-02-XXX Calling for a Public Hearing on the Intention to Issue <br />General Obligation Capital Improvement Plan Refunding Bonds and the Proposal to Adopt a Capital Improvement <br />Plan Therefore. <br />Feb 7 muni debt refinancing schedules <br />Resolution Calling for Public Hearing <br />Inbox Reviewed By <br />Kurt Ulrich Kurt Ulrich <br />Form Started By: Diana Lund <br />Attachments <br />Form Review <br />Final Approval Date: 02/09/2012 <br />Date <br />02/09/2012 02:33 PM <br />Started On: 02/03/2012 10:18 AM <br />