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<br />M Martinsville <br /> <br />City Council <br />Agenda Summary <br /> <br />Meeting Date: <br />Item No: <br />Department: <br />Issue: <br /> <br />August 9, 2005 <br />1. <br /> <br />City Manager/Finance <br /> <br />Consider adoption of an Initial Ordinance and setting a <br />public hearing for August 23, 2005 for General <br />Obligation Refunding Bonds <br /> <br />Summary: <br />This relates to the adoption of an Initial Ordinance required by the City Charter to <br />start the process of issuing bonds for the refinancing of the current bonds issued <br />in 1999. The low interest rates we received when we went through this process for <br />the School and Landfill prompted a review of the existing bonds to determine if <br />refinancing would be advantageous. The attachment shows the results of that <br />review. The bottom line is the City can save approximately $86,500 if we refinance <br />the existing bonds. This Initial Ordinance authorizes issuance of an RFP for the <br />bonds and it is expected that bank proposals will be in hand, for the approval of <br />one, at the time of the public hearing in July. <br /> <br />Attachments: <br /> <br />Initial Ordinance <br />Refunding Summary <br /> <br />Recommendations: Motion to approve initial ordinance and set public <br />hearing for August 23,2005. <br /> <br />Motion <br />Second <br /> <br />Mayor Cobbe <br />V-Mayor Reynolds <br /> <br />Roop <br />Ferrill <br /> <br />Clark <br />