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AGENDA ITEM <br />Prepared By: RJO Reviewed By: A. Carlson Approved By: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />1. Purpose. The purpose of this agenda item is to approve a resolution refunding the City’s <br />outstanding 2010A bonds. <br /> <br />2. Background. In March of 2020 the City Council directed staff to prepare a call notice for <br />the City’s outstanding 2010A bonds. Refunding the bonds will save the City $115,000 in interest <br />expenditures. <br /> <br />3. Cost. There is a net savings of $115,000 to this action. It does require paying of an <br />additional $1,205,000 in debt service payments in the current year. This impacts cash flow that <br />will be recovered over the next five years. <br /> <br />4. Staff Recommendation. Staff recommends approval of the attached resolution refunding <br />the series 2010A bonds. <br /> <br />COUNCIL ACTION REQUESTED <br />Motion to approve the attached resolution refunding the series 2010A bonds. <br /> <br /> <br />Exhibits: <br />A. Resolution <br /> <br /> <br /> <br /> <br /> <br />Item No.: 15 Date: October 11, 2021 <br />Item Description: Refund 2010A Bonds – Resolution No. 7229 <br />Presenter: Ron Olson <br />Finance Director <br />Agenda <br />Section: <br />Consent Agenda <br />