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Mark Ruff from Ehlers & Associates will be at the meeting to discuss the current bond environment and <br />the likelihood of the City being able to take advantage and refund the bonds in the next couple of years. <br />Financial Impact <br />The refunding bonds, if realized, would produce a net present value savings of at least 3% of refunded <br />principle, as well as eliminating the need for a reserve fund. <br />Attachments <br />• City of Elk River CIP for Financing Purposes Plan <br />• Resolution giving preliminary approval for the issuance of general obligation capital improvement <br />plan bonds in an amount not to exceed $8,000,000 and adopting the City of Elk River, Minnesota, <br />Capital Improvement Plan fox 2010 through 2014 under Minnesota Statues, Section 475.521 <br />Action Motion by Second by Vote <br />FOIIOW Up <br />C:\Documents and Settings\jmiller\Local Settings\Temporary Internet Files\OLK3E\CIP for financing purposes.doc <br />