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• <br />• <br />• <br />COUNCIL MINUTES October 22, 2012 <br />DRAFT <br />46 <br />47 ITEM ACTION <br />48 <br />49 Consideration of Expenditures: <br />50 <br />51 October 22, 2012 (Check No. 94429 - <br />52 94501, $197,312.40) Approved <br />53 <br />54 Centennial Fire District (Check No. 5539 - 5550 <br />55 and 2012009 and 5524 Approved <br />56 <br />57 October 1, 2012 Council Work Session <br />58 Minutes Approved <br />59 <br />60 October 8, 2012 City Council Meeting <br />61 Minutes Approved <br />62 <br />63 Application for Exempt Permit from Lawful Gambling <br />64 License for St. Joseph Catholic Church Approved <br />65 <br />66 Resolution No. 12 -102, Authorizing Certification of <br />67 Delinquent Weed and Nuisance Abatement Charges for <br />68 collection with the 2012 property taxes payable 2013 Approved <br />69 <br />70 Resolution No. 12 -207, Authorizing Certification of <br />71 Delinquent Water & Sewer Charges for collection with <br />72 the 2012 property taxes payable 2013 Approved <br />73 <br />74 October 15, 2012 Special Work Session Minutes Approved <br />75 <br />76 FINANCE DEPARTMENT REPORT <br />77 <br />78 2A) Resolution No. 12 -105, Awarding the Sale of General Obligation Bonds, Series 2012A - <br />79 Finance Director Rolek reported that the council previously authorized the issuance of these bonds <br />80 that will finance street and signal improvements at Lake/Main and Ware/Birch primarily and also <br />81 would refund an existing issue for savings. The bond issue was bid this day and the city's fiscal <br />82 consultant, Terri Heaton of Springsted, is present to report on the results of bidding. <br />83 <br />84 Ms. Heaton reviewed the bid tabulations presented in written form to the council. The low bid of the <br />85 six bids received came from United Bankers Bank at 1.26 percent for a ten year bond. The timing for <br />86 the sale was excellent since there was great demand and few issuances this week. The savings on the <br />87 refunding will increase to approximately $40,000. The reduced cost of issuance will also reduce the <br />88 bond amount. The other good news is that the rating agency gave the bonds a solid AA2, reflecting <br />89 the city's sound financial operations and reserves. She commended city staff on their full disclosure <br />