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<br />City of Centerville <br />City Council Meeting <br />August 26. 2009 <br /> <br />achieve debt service savings. The Series 2006A Bonds become available on March <br />1,2010. The City may consider the issuance of an advance refunding bond to lock <br />in a debt service savings. Asper State Statutes, an advance refunding must achieve <br />at least a 3.00% or greater present value savings. <br /> <br />Mr. Eilertson recommended that the City Council consider this recommendation. <br />He suggested that they consider setting a bond sale on September 23. Mr. Eilertson <br />would take bids on the refunding and present the results at the the September 23 <br />City Council meeting. <br /> <br />Mr. Eilertson provided the Council with analysis information in the packets and <br />ex;plained the City would be looking at total debt service reduction of $234,000. <br /> <br />Discussion ensued regarding the bond sale. <br /> <br />City Administrator Larson recommended that the City Council accept the proposal. <br /> <br />Mayor Capra inquired as to how much the payment would be reduced through the <br />proposed changes. <br /> <br />Mr. Eilertson replied that there would be a $20-25,000 per year reduction in the <br />debt service. <br /> <br />Councilmember Broussard Vickers inquired whether Mr. Eilertson could foresee <br />doing this with any other debt the City has. <br /> <br />Mr. Eilertson replied that there are a couple cases that are close, but not quite there. <br /> <br />Motion bv Council Member Fehrenbacher. seconded bv Council Member <br />Broussard Vickers. to approve the Financial Advisor AlUeement Related to <br />$2.475.000 G.O. Imnrovement Refundinl! Bonds. Series 2009B. All in favor. <br />Motion carried unanimously. <br /> <br />Motion bv Council Member Broussard Vickers. seconded bv Council Member <br />Fehrenbacber. to approve Resolution #09-022 Callinl! for the Issuance & Sale <br />of $2.475.000 G.O. Improvement Refundinl! Bonds. Series 2009B. AD in favor. <br />Motion carried unanimouslv. <br /> <br />3. I35E Interchanl!e - City Enweer to Review and Sil!D for Approval of Plan <br /> <br />City Administrator Larson stated that City approval is required because <br />construction would include work on the intersection at 21 sl Avenue. Since the work <br />on 21st Avenue would severly limit access, the project should include the new local <br />street that comes off the interchange and connects to 21 st Avenue, south of Main <br />Street. He recommended that the City Council make a conditional approval. <br /> <br />Page 60f8 <br /> <br />7 <br />