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City Council Meeting Minutes August 6, 2013 Page 13 of 16 the moment, the projected interest rate for the refunding is currently estimated at 2.50 %, which would produce present value savings of approximately $500,000. The refunding will also allow the City to change the bond covenants. The additional bonds test is Tess restrictive under the new covenants than the old, the gross revenue definition used in the revenue coverage test is more refined under the new covenants than the old and the required operations and maintenance reserve under the old covenants will not be required in connection with the new bond issue. COUNCIL COMMENTS Council member Keany stated the Finance Committee reviewed and approved the refinancing of bonds, which will save the City $500,000. Mayor Muckle requested public comment and hearing none, closed the public hearing. MOTION: Council member Keany moved to approve Ordinance No. 1636, Series 2013 on final reading, seconded by Council member Jasiak. Roll call vote was taken. The motion carried by a vote of 7 -0. DELO PRELIMINARY PLAT AND ZONING 1. ORDINANCE NO. 1637, SERIES 2013 — AN ORDINANCE AMENDING CHAPTER 17.14 OF THE LOUISVILLE MUNICIPAL CODE TO ALLOW FOR A LAYOUT MODIFICATION TO MODIFY THE LAND USE PLAN INCORPORATED AS "EXHIBIT A." - 1ST READING, SET PUBLIC HEARING 8/20/13 2. ORDINANCE NO. 1638, SERIES 2013 — AN ORDINANCE APPROVING A REZONING OF A 4.3 -ACRE PARCEL OF LAND FROM CITY OF LOUISVILLE INDUSTRIAL (I) ZONING TO CITIY OF LOUISVILLE MIXED -USE RESIDENTIAL (MU -R) — 1ST READING, SET PUBLIC HEARING 8/20/13 3. RESOLUTION NO. 42, SERIES 2013 — A RESOLUTION APPROVING A SPECIAL REVIEW USE (SRU), REZONING, PRELIMINARY SUBDIVISION PLAT, PRELIMINARY PLANNED UNIT DEVELOPMENT (PUD), AND AMENDMENTS TO CHAPTER 17.14 OF THE LOUISVILLE MUNICIPAL CODE FOR AN APPROXIMATE 14.13 ACRE PARCEL OF THE INDUSTRIAL AREA AND CALEDONIA PLACE SUBDIVISIONS. THE INTENT OF THE REQUEST IS TO DEVELOP THE PROPERTY WITH 244 RESIDENTIAL UNITS AND 12,000 SQUARE FEET OF COMMERCIAL SPACE — CONTINUE TO 8/20/13 Mayor Muckle requested a City Attorney introduction.