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The third item, Bill No. 14 -46, asked for Council approval of the issuance of bonds in an amount not to <br />exceed $3,700,000. These bonds would be used to refund and refinance redevelopment bonds issued in <br />2002. <br />Both City Controller, John Murphy and bond counsel Phil Facenda, an attorney with Barnes & <br />Thornburg, explained the refinancing project. Phil indicated there would be a net savings to the City of <br />$200 - $250 thousand dollars as a result of the reissuance. Phil also said the maturity date of the 2002 <br />bonds would not be extended. <br />Derek Dieter motion the bill is sent favorably to full Council. Valerie Schey seconded and all affirmed. <br />The final item on the agenda was an update from Community Investment Director Scott Ford regarding <br />a TIF legislative update as well as a tax abatement process review. <br />Scott used an overhead projection which is attached. <br />After brief discussion Gavin Ferlic adjourned at 4:47 P.M. <br />Respectfully Submitted, <br />Gavin Ferlic, Chairperson <br />Community Investment Committee <br />