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Regular City Council Meeting Monday,August 17, 2015 Page 3 Lawsuit Settlement Mayor Roe read a statement announcing the terms of the settlement of a suit brought by Mr.Victor Yair Hernandez-Rivera against 4 Roseville police officers arising from a 2013 incident. 6. Recognitions,Donations and Communications 7. Approve Minutes 8. Approve Consent Agenda 9. Consider Items Removed from Consent 10. General Ordinances for Adoption 11. Presentations a. Approve the Sale of the City's 2015 Tax Increment Financing (TIF) Bonds Finance Director Miller introduced this item, and introduced Ms. Terri Heaton of Springsted who reported results of the bond sale held earlier today, as indicated on the bench handout, detailing aware of$3,060,000 in General Obligation TIF Bonds, Series 2015A to Raymond James & Associates, Inc. Ms. Heaton noted seven bids indicating a lot of market interest, with twenty-six banks involved, and rates resulting in a true interest rate of 2.819% over the fifteen year term of the bonds, well below their estimate of 2.71%. With those very favorable results, Ms. Heaton reported that there were sufficient revenues so that the city when offered a premium of extra cash or reducing the bond issue size, Finance Director Miller opted to reduce the size of the issue, resulting in the lower issue from $3,270,000 to $3,060,000, as reflected in the revised draft resolution. Ms. Heaton reviewed the AAA bond rating held by the City of Roseville, and for the benefit of the viewing public reported that the city's report card from the bond rater Standard and Poors recognized the city's strong economy; management and financial practices under their methodology; effective police, procedures and City Council decisions; and management of the City Manager and Finance Department staff, all indicating strong budgetary performance and flexibility as well as strong liquidity. Ms. Heaton noted the city's history and practice in not regularly issuing debt resulting in its very small debt load. Ms. Heaton congratulated the City and staff on this glowing report in the industry; and recommended they accept this bid.