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<br />~ <br />~~ILLS <br /> <br />MEMORANDUM <br /> <br />. <br /> <br />DATE: <br /> <br />September 21, 2004 <br /> <br />Agenda Item 7.A <br /> <br />TO: <br /> <br />Honorable Mayor and City Council <br /> <br />FROM: <br /> <br />Murtuza Siddiqui, Finance Direclor/Treasurer ~.s <br /> <br />SUBJECT: TIP Increment Refunding Bonds <br /> <br />BACKGROUND: <br /> <br />On September 13,2004, the Council authorized Ehlers & Associates to solicit proposals for the <br />sale of$2,410,000 G.O. Tax Increment Refunding Bonds. This is refunding ofthe $3,100,000 in <br />General Obligation Tax Increment Bonds, Series 1998A, issued originally in 1998. The bonds <br />were issued for the purpose of financing for relocated 14th street improvements and Round Lake .a <br />RoadlHighway 96 intersection improvements in Tax Increment District No.2. .. <br /> <br />DISCUSSION: <br />Ehlers & Associates has solicited proposals for the sale ofthe bonds. By September 27, 2004, <br />Ehlers & Associates will receive proposals (bids) from various institutions. On September 27, <br />2004, bids will be opened and a tabulation ofthe proposals will be presented. The lowest bid <br />will be recommended to the Council for approval. <br /> <br />RECOMMENDED ACTION: <br /> <br />Staff requests that the Council approve the recommended proposal for the sale of refunding <br />bonds. <br /> <br />- <br />