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FC Case #2 <br />AUTHORIZATION OF THE ISSUANCE AND AWARDING THE SALE OF <br />$955,000 GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, <br />SERIES 2007B <br />By: Diana Lund, Finance Officer <br />Background: <br />In 2001 the City issued $920,000 General Obligation Tax Increment Bonds for the <br />construction of 141 Avenue. To save approximately $27,000 in interest earnings, <br />the City is looking to refinance the original $920,000 with a Tax Increment Refunding <br />Bond in the amount of $955,000. <br />At its regular meeting of January 23, 2007, City Council passed a resolution authorizing <br />the sale of $955,000 General Obligation Tax Increment Refunding Bonds. <br />The terms and conditions of the Tax Increment Refunding Bonds are attached. A <br />resolution needs to be adopted by Council confirming the sale. <br />• Funding Source: <br />These bonds will be paid back with tax increment dollars generated within TIF District <br />#8. <br />Recommendation: <br />Staff recommends that Council ado_ pt Resolution #07- 02 -XXX authorizing the issuance <br />and awarding the sale of $955,000 General Obligation Tax Increment Refunding Bonds <br />of 2007. <br />Council Action: <br />Adopt Resolution #07 -02 -XXX authorizing the issuance and awarding the sale of <br />$955,000 General Obligation Tax Increment Refunding Bonds of 2007. <br />Review By: Interim City Administrator <br />• FC: 2/13/07 <br />—209— <br />