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Per our Debt policy: Advance refunding bonds sball not be utili.Zed unless present value savings of 4%to 5%of <br /> refunded principal is acbieved and unless the call date is witbin 4 years. The state law minimum is 3% of refunded <br /> principal. <br /> Financial Impact <br /> At current rates which are subject to change,refunding the bonds will yield at a minimum a net present <br /> value savings of over 8%. This should result in approximately$850,000 in savings over the next 20 years. <br /> Attachments <br /> • Pre-Sale Report <br /> • An ordinance authorizing the issuance of not to exceed $10,000,000 General Obligation <br /> Refunding Bonds by the Economic Development Authority for the City of Elk River,Minnesota; <br /> providing for the form and details thereof;and authorizing the Economic Development <br /> Authority for the City of Elk River,Minnesota,to pledge the full faith, credit and resources of the <br /> City of Elk River,Minnesota, for the security and payment of the bonds <br /> Action Motion by Second by Vote <br /> Follow Up <br />