HomeMy WebLinkAbout06.09.08 Special Council Minutes
Special Council Meeting
Minutes
June 9, 2008
Acting Mayor Pritzlaff called the meeting to order at 6:30 p.m.
Present:
Absent:
Pritzlaff, Fogarty, McKnight Wilson
Soderberg
MOTION by Fogarty, second by McKnight to approve the agenda. APIF, MOTION
CARRIED.
The purpose of the meeting was to adopt resolutions for the sale of two bond issues. The first is
the sale of$I,355,000 in general obligation improvement bonds 2008A to finance the
reconstruction of Elm Street. Cronin & Company was the low bidder at a net interest rate of
4.0297% and a total interest cost of $508,099 or $52,436 less than estimated. MOTION by
Fogarty, second by Wilson to adopt RESOLUTION R46-08 awarding the sale of the
$1,355,000 G.O. Improvement Bonds of2008A to Cronin & Company. APIF, MOTION
CARRIED.
The second sale of $8,545,000 in general obligation improvement bonds 2008B was to finance
the construction of 195th Street. The low bidder was Morgan Keegan at a net interest rate of
3.786% and a total interest cost of $2,642,472 or $269,376 less than estimated. MOTION by
Wilson, second by Fogarty to adopt RESOLUTION R47-08 awarding the sale of the
$8,545,000 G.O. Improvement Bonds of2008B to Morgan Keegan. APIF, MOTION
CARRIED.
Ehlers & Associates presented the City with a bond rating of AA- from S&P which is a very
strong rating.
MOTION by Fogarty, second by McKnight to adjourn at 6:50 p.m. APIF, MOTION
CARRIED.
Respectfully submitted,
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Cynthia Muller
Executive Assistant