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NOTE 18 – SUBSEQUENT EVENTS <br />The city held a public hearing in March 2015 to issue $4,200,000 in Capital Improvement Plan Bonds with <br />a bond sale adoption date of May 2015. This debt will fund the construction of Fire Station #2, a new <br />12,000 square foot, one-story building which will replace the existing Fire Station #2 building that has <br />exceeded its useful life. <br />In April 2012, the city sold $7,320,000 Taxable General Obligation Tax Increment Bonds, Series 2012B to <br />provide financing for a 230-unit market rate apartment complex known as the Residence at the COR. The <br />bond was structured for principal debt service payments to begin in June 2015 as well as an early call feature <br />in the event the apartment complex was sold or refinanced by the developer. The apartment complex was <br />sold in April 2015 and the Series 2012B Taxable General Obligation Tax Increment Bonds were fully <br />redeemed by the city. <br />$1,235,000 in General Obligation Street Reconstruction Plan Bonds were sold in May 2015. This debt will <br />fund road improvements including sealcoats, overlays, and reconstruction for projects included in the Five- <br />Year Street Reconstruction Overlay Plan 2015-2019. Annual debt service payments will be paid through a <br />combination of tax levy and assessments to benefiting properties. <br />Page 88 <br /> <br />