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MINUTES <br />CITY COUNCIL <br />MAY 27, 2015 <br />Given the low bid, the savings will be just under $104,000 after all costs <br />are paid. Ruff reported that in order to refinance a bond, a city must <br />realize a savings of at least 3%, and this bond sale will result in a 6% <br />savings. Ruff indicated that the proceeds from the bond sale will be held <br />in escrow by US Bank and they will pay off the 2008 G.O. Bonds in early <br />2016 with the City starting to realize savings by the middle of 2016. The <br />bond closing date is scheduled for June 23, 2015. <br />Ruff then went on to review the Standard & Poor's bond rating report <br />highlighting the key elements of the report which include the City's strong <br />economy, strong management, strong budgetary performance, very strong <br />budgetary flexibility, very strong liquidity, strong debt and contingent <br />liability profile, and strong institutional framework. <br />McGraw introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2015-5-102 — PROVIDING FOR THE ISSUANCE <br />AND SALE OF $1,335,000 GENERAL OBLIGATION REFUNDING <br />BONDS, SERIES 2015A, PLEDGING FOR THE SECURITY <br />THEREOF TAX INCREMENTS <br />The foregoing resolution was duly seconded by Montour. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />The City Administrator acknowledged the work that was done relative to <br />this refunding and the bond rating by Mark Ruff of Ehlers & Associates as <br />well as the City's Finance Director. <br />McGraw asked about the bond ratings of cities of similar size. Ruff <br />reported that he would provide a listing of these ratings. He again noted <br />that an AA+ rating is a very high rating for a city the size of Little Canada. <br />Most cities of this size have an AA rating. <br />AMEND The City Clerk reported that the Legislature recently amended State Law <br />LIQUOR allowing Sunday liquor sales to commence at 8 a.m. from the previous <br />ORDINANCE — 10 a.m. The Clerk noted that while liquor establishments in the City have <br />SUNDAY not yet expressed an interest in opening at 8 a.m. on Sunday's, she <br />LIQUOR anticipated that such requests would be made soon. <br />SALES <br />Montour introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2015-5-103 — AMENDING THE LIQUOR CODE <br />ALLOWING SUNDAY LIQUOR SALES TO COMMENCE AT 8 A.M. <br />8 <br />