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<br />C.,7 <br /> <br />AUTHORIZATION OF THE SALE OF $790,000 GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATES OF 2007 AND $955,000 GENERAL <br />OBLIGATION TAX INCREMENT REFUNDING BONDS OF 2007 <br /> <br />By: Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />On December 21,2006, City Council adopted the 2007 General Fund Budget and Levy. <br />Included in the 2007 budget was approximately $1,125,000 of capital equipment that was <br />to be funded via the issuance of capital equipment certificates and depreciable monies <br />from the Equipment Revolving Fund. The amount of the certificates to be issued to fund <br />the authorized capital is $790,000. The actual sale of the certificates will be brought to <br />City Council at its regular meeting of February 13,2007. <br /> <br />Also attached is a resolution authorizing the sale of $955,000 Tax Increment Refunding <br />Bonds. These bonds will refund the $920,000 Tax increment bonds issued in 2001 for <br />141 stJ 143rd Improvements in TIF District #8. The amount of interest savings is estimated <br />at $27,000. The actual sale will be brought forward to City Council at its regular meeting <br />of February 13,2007. <br /> <br />Recommendation: <br /> <br />Staff recommends that Council adopt Resolution #07-01-XXX authorizing the sale of <br />$790,000 General Obligation Capital Equipment Certificates and adopt Resolution #07- <br />01-XXX authorizing the sale of $955,000 General Obligation Tax Increment Refunding <br />Bonds. <br /> <br />Council Action: <br /> <br />Adopt Resolution #07-01-XXX authorizing the sale of $790,000 General Obligation <br />Capital Equipment Certificates of Indebtedness, Series 2007 A <br /> <br />And <br /> <br />Adopt Resolution #07-01-XXX authorizing the sale of $955,000 General Obligation Tax <br />Increment Refunding Bonds, Series 2007B <br /> <br />1/23/07 <br /> <br />-101- <br />