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MINUTES OF THE SPECIAL MEETING <br />CITY COUNCIL <br />LITTLE CANADA, MINNESOTA <br />DECEMBER 4, 1991 <br />Pursuant to due call and notice thereof a regular <br />meeting of the Council of the City of Little Canada, <br />Minnesota was held on the 4th day of December, 1991 in <br />the Council Chambers of the City Center located at 515 <br />Little Canada Road in said City. <br />Mayor Raymond Hanson chaired the meeting and called it <br />to order at 5:05 P.M. and the following members of the <br />Council were present at roll call: <br />MEMBERS PRESENT: <br />Mayor <br />Council Member <br />Council Member <br />Council Member <br />Mr. Raymond Hanson <br />Mr. Bill Blesener <br />Mr. Rick Collova <br />Mr. Jim LaValle <br />MEMBERS ABSENT: <br />ALSO PRESENT: <br />Council Member <br />City Admin. <br />5pringsted <br />Recording Sec. <br />Mrs. Beverly Scalze <br />Mr. Joel Hanson <br />Mr. Brad Farnham <br />Mrs. Kathy Glanzer <br />BOND SALE The purpose of this meeting is to review and act on <br />bids for sale of $325,000 General Obligation <br />Improvement Bonds, Series 1992A, and $1,475,000 General <br />Obligation Storm Sewer Refunding Bonds, Series 1992B. <br />Brad Franham, Springsted, appeared before the Council <br />to present the bids that were received for these bond <br />issues. <br />Farnham reported that the City did a debt structuring <br />study which resulted in the recommendation to call two <br />bond issues and refund an existing storm sewer issue in <br />order to shorten debt levies as well as level them <br />off. This debt study was presented to Moody's as part <br />of the the proposed bond sale, and Moody's has now <br />upgraded the City's credit rating from BAA1 to A. <br />Moody's will be submitting a written credit report <br />which will address their reasons for the credit <br />upgrade. <br />Farnham presented to the Council bid tabulations on <br />each of the bond issues and reviewed these in detail. <br />Farnham pointed out that there is a separate syndicate <br />Page 1 <br />