Laserfiche WebLink
<br /> MINUTES <br /> <br /> CITY COUNCIL <br /> <br /> NOVEMBER 9, 2009 <br /> and its low-to-moderate debt burden coupled with a rapid amortization. <br /> The Administrator also noted that the Council's adoption of financial <br /> policies also played a strong role in the improved bond rating. Blesener <br /> suggested that the bond rating report be placed on the City's web site. <br /> Hagen went on to review in detail the five bids that were received this <br /> morning for the bonds. The low bidder was Northland Securities at a true <br /> interest cost of 4.6893%. "f he high bid was 5.2833% for an interest <br /> savings between high and low bid of $124,578.26. Hagen also noted that <br /> the bond amount is slightly lower than originally anticipated for two <br /> reasons. The first is that the refunding of TIF Bonds was dropped from <br /> the issue, with that refunding to be handled by the City as an Interfund <br /> Loan. The second was the addition of a County low-interest load to the <br /> Canabury Square project in light of Fleur Royale's declining the loan. <br /> Therefore, the bond amount was offered at $2,220,000. <br /> Blesener asked the cost savings that result fiom the improved bond rating. <br /> Hagen estimated a savings of 25 to 50 base points. Hagen noted that when <br /> the bond sale was originally contemplated, estimated interest rate was <br /> 6.4%. Given the improved market and the higher bond rating, the low bid <br /> came in at 4.6893%. The Administrator noted that in some additional <br /> costs will have to be built back into the financing for Canabury Square, <br /> and anticipated that the of financing their HIA fees may be closer to 5%. <br /> However, this is much improved from the 6.4% originally anticipated and <br /> 6.9% that was once projected. "I'he Administrator noted that the low <br /> interest loan that will also be included from the County is just under <br /> $ 100,000. <br /> Mr. Blesener introduced the following resolution and moved its adoption: <br /> RESOL UTION NO. 2009-11-269 -ACCEPTING THE PROPOSAL ON <br /> A COMPETITIVE NEGOTIATED SALE OF $2,220,000 TAXABLE <br /> GENERAL OBLIGATION HOUSING IMPROVEMENT BONDS, <br /> SERIES 2009A <br /> The foregoing resolution was duly seconded by McUraw. <br /> Ayes (4). <br /> Nays (0). Resolution declared adopted. <br /> CONSENT Mr. Keis introduced the following resolution and moved its adoption: <br /> AGENllA <br /> RESOLUTIONNO. 2009-II-270 -APPROVING THE CONSENT <br /> AGENDA WHICH CONTAINS THE FOLLOWING: <br /> *APPROVAL OF THE VOUCHERS; <br /> 10 <br /> <br />