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<br /> <br />Item # 6.1 . <br /> <br />MEMORANDUM <br /> <br />TO: Mayor and City Council <br /> <br />FROM: Lori Johnson, Finance and Administrative Services Director <br /> <br />DATE: May 2, 2005 <br /> <br />SUBJECT: Resolutions Providing for the Sale of $1 ,085,000 General Obligation <br />Improvement Bonds Series 2005A and for the Sale of $1 ,695,000 <br />General Obligation Sewer Revenue Refunding Bonds, Series 2005B <br /> <br />Attached are the pre-sale reports and resolutions to call for the sale of $1,085,000 General <br />Obligation Improvement Bonds to finance construction of the 2005 Street Rehabilitation project <br />and $1,695,000 in General Obligation Sewer Revenue Refunding Bonds to refund the $2,655,000 <br />sewer revenue bonds of 1996. The estimated savings on the refunding issue is approximately <br />$102,000. We have reviewed all other bonds to determine which should be refunded and have <br />determined that only the 1996 sewer bond generates enough interest savings to justify refunding. <br /> <br />The resolutions call for the Council to award .the sale of the bonds on May 16, 2005. <br />Representatives from Ehlers and Associates will be present on the 16th to present the bid results. <br /> <br />Action Requested <br />The City Council is asked to consider the attached resolutions providing for the sale of $1,085,000 <br />General Obligation Improvement Bonds Series 2005A and providing for the sale of $1,695,000 <br />General Obligation Sewer Revenue Refunding Bonds, Series 2005B. <br /> <br />s: \ Council\Lori\2005 \ Improvement bonds. doc <br />