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Finance Officer Lund advised for the City to take advantage of the CIP bond, the current Capital <br />Improvement Program (2004-2008) needs to be amended 'to include the fire station refinancing <br />as a 2004 project. Due to present interest rates still being close to an all-time low, the City would <br />save approximately S138,000 in interest costs by refinancing the Lease Revenue Bond with a <br />General Obligation Capital Improvement Bond. <br /> <br />Mayor Gamec closed the regular portion of the City Council meeting at 7:20 p,lTt, in order to <br />conduct a public hearing. <br /> <br />Public Hearing <br /> <br />Mayor Gamec called the public hearing to order at 7:20 p.m. <br /> <br />Citizen Input <br /> <br />There was none. <br /> <br />Motion by Councilmember Cook, seconded by Councilmember Elvig, to close the public <br />hearing. <br /> <br />Motion camed. Voting Yes: Mayor Gamec, Councihnembers Cook, Elvig, Kurak, Pearson, <br />Strmrnmen, and Zimmerman. Voting No: None. <br /> <br />The public hearing was closed at 7:20 p.m. <br /> <br />Council Business <br /> <br />Mayor Gamec called the regular City Council meeting back to order at 7:20 p.m. <br /> <br />Motion by Councilmember Elvig, seconded by Councilmember Kurak, to authorize adoption of <br />Resolutfon #04-09-263 .approving the 2004-2008 Capital Improvement Plan, as amended, and the <br />issuance of General Obligation Capital Improvement Refinancing Bonds. <br /> <br />Further Discussion: Councihnember Kurak asked when the bonds would be paid off. Finance <br />Officer Lurid replied the bonds woufd be paid off in 2017. They will be paid off earlier and the <br />City will save money. <br /> <br />Motion carried. Voting Yes: Mayor Garnec,' Councitmelxqbers Elvig, Kurak, Cook, Pearson, <br />Strommen, and Zimmerman. Voting No: 'None. <br /> <br />P32 <br /> <br />CiD' Council/September 13, 2004 <br /> Page 8 of 29 <br /> <br /> <br />