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City Council <br />Meeting Minutes <br />August 6, 2013 <br />Page 13 of 16 <br />the moment, the projected interest rate for the refunding is currently estimated at 2.50%, <br />which would produce present value savings of approximately $500,000. The refunding <br />will also allow the City to change the bond covenants. The additional bonds test is less <br />restrictive under the new covenants than the old, the gross revenue definition used in <br />the revenue coverage test is more refined under the new covenants than the old and <br />the required operations and maintenance reserve under the old covenants will not be <br />required in connection with the new bond issue. <br />COUNCIL COMMENTS <br />Council member Keany stated the Finance Committee reviewed and approved the <br />refinancing of bonds, which will save the City $500,000. <br />Mayor Muckle requested public comment and hearing none, closed the public hearing. <br />MOTION: Council member Keany moved to approve Ordinance No. 1636, Series 2013 <br />on final reading, seconded by Council member Jasiak. Roll call vote was taken. The <br />motion carried by a vote of 7-0. <br />DELO PRELIMINARY PLAT AND ZONING <br /> 1. ORDINANCE NO. 1637, SERIES 2013 AN ORDINANCE AMENDING <br /> CHAPTER 17.14 OF THE LOUISVILLE MUNICIPAL CODE TO ALLOW <br /> FOR A LAYOUT MODIFICATION TO MODIFY THE LAND USE PLAN <br />ST <br /> I- 1 READING, SET PUBLIC <br /> HEARING 8/20/13 <br /> 2. ORDINANCE NO. 1638, SERIES 2013 AN ORDINANCE APPROVING <br /> A REZONING OF A 4.3-ACRE PARCEL OF LAND FROM CITY OF <br /> LOUISVILLE INDUSTRIAL (I) ZONING TO CITIY OF LOUISVILLE <br />ST <br /> MIXED-USE RESIDENTIAL (MU-R) 1 READING, SET PUBLIC <br /> HEARING 8/20/13 <br /> 3. RESOLUTION NO. 42, SERIES 2013 A RESOLUTION APPROVING A <br /> SPECIAL REVIEW USE (SRU), REZONING, PRELIMINARY <br /> SUBDIVISION PLAT, PRELIMINARY PLANNED UNIT DEVELOPMENT <br /> (PUD), AND AMENDMENTS TO CHAPTER 17.14 OF THE LOUISVILLE <br /> MUNICIPAL CODE FOR AN APPROXIMATE 14.13 ACRE PARCEL OF <br /> THE INDUSTRIAL AREA AND CALEDONIA PLACE SUBDIVISIONS. <br /> THE INTENT OF THE REQUEST IS TO DEVELOP THE PROPERTY <br /> WITH 244 RESIDENTIAL UNITS AND 12,000 SQUARE FEET OF <br /> COMMERCIAL SPACE CONTINUE TO8/20/13 <br />Mayor Muckle requested a City Attorney introduction. <br />41 <br />