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<br />City of Centerville <br />City Council Meeting <br />August 26, 2009 <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. As per 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 />explained 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 by Council Member Fehrenbacher, seconded by Council Member <br />Broussard Vickers, to approve the Financial Advisor Agreement Related to <br />$2,475,000 G.O. Improvement Refunding Bonds, Series 2009B. All in favor. <br />Motion carried unanimously. <br /> <br />Motion by Council Member Broussard Vickers, seconded by Council Member <br />Fehrenbacher, to approve Resolution #09-022 Calling for the Issuance & Sale <br />of $2,475,000 G.O. Improvement Refunding Bonds, Series 2009B. All in favor. <br />Motion carried unanimously. <br /> <br /> <br />3.I35E Interchange - City Engineer to Review and Sign for Approval of Plan <br /> <br />City Administrator Larson stated that City approval is required because <br />st <br />construction would include work on the intersection at 21 Avenue. Since the work <br />st <br />on 21 Avenue would severly limit access, the project should include the new local <br />st <br />street that comes off the interchange and connects to 21 Avenue, south of Main <br />Street. He recommended that the City Council make a conditional approval. <br /> <br />Page 6 of 8 <br /> <br />