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32 <br />The attached resolution authorizes the issuance of $17 million of general obligation bonds to be repaid from <br />33 <br />property taxes. The bond sale date will be set for October 22, 2012 with the award of the bonds taking <br />34 <br />place later that evening at the City Council meeting. Approximately $3 million of the proceeds will be <br />35 <br />dedicated for the completion of the new fire station. The remainder will be for the Park Renewal Program. <br />36 <br />37 <br />PO <br />OLICYBJECTIVE <br />38 <br />The issuance of bonds to finance the completion of a new fire station and continue funding for the Park <br />39 <br />Renewal Program is consistent with the goals established by Imagine Roseville 2025, and prior Council <br />40 <br />directives. <br />41 <br />FI <br />INANCIALMPACTS <br />42 <br />See attached. <br />43 <br />SR <br />TAFF ECOMMENDATION <br />44 <br />Staff recommends the Council proceed with the sale of $17 million in general obligation bonds to finance <br />45 <br />the completion of a new fire station and to continue funding the Park Renewal Program. <br />46 <br />RCA <br />EQUESTEDOUNCILCTION <br />47 <br />At the conclusion of the Public Hearing, approve the attached resolution authorizing the sale of $17 million <br />48 <br />in general obligation bonds to finance the completion of a new fire station and to continue funding the Park <br />49 <br />Renewal Program. <br />50 <br />51 <br />52 <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: Resolution to authorize the sale of $17 million in general obligation bonds to finance the completion of a <br />new fire station and continue funding for the Park Renewal Program. <br /> B: Parks & Recreation Renewal Program Timeline <br /> C: Proposed PIP Projects <br />Page 2 of 2 <br /> <br />