Laserfiche WebLink
<br />FC Case #2 <br /> <br />AUTHORIZATION OF THE ISSUANCE AND AWARDING THE SALE OF <br />$955,000 GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, <br />SERIES 2007B <br /> <br />By: Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />In 2001 the City issued $920,000 General Obligation Tax Increment Bonds for the <br />construction of 141 st/143rd 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 /> <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 /> <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 /> <br />Funding Source: <br /> <br />These bonds will be paid back with tax increment dollars generated within TIF District <br />#8. <br /> <br />Recommendation: <br /> <br />Staff recommends that Council adopt 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 /> <br />Council Action: <br /> <br />Adopt Resolution #07-02-XXX authorizing the issuance and awarding the sale of <br />$955,000 General Obligation Tax Increment Refunding Bonds of2007. <br /> <br />Review By: Interim City Administrator <br /> <br />Fe: 2/13/07 <br />