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COUNCIL MEETING SEPTEMBER 12, 1994 <br />August 22, 1994 - Council Member Elliott moved to approve the <br />minutes as presented. Council Member Bergeson seconded the <br />motion. Motion carried unanimously. <br />CONSIDERATION OF DISBURSEMENTS <br />August 31, 1994 - Council Member Bergeson moved to approve the <br />disbursements as presented. Council Member Elliott seconded the <br />motion. Motion carried unanimously. <br />September 12, 1994 - Council Member Bergeson moved to approve the <br />disbursements as presented. Council Member Elliott seconded the <br />motion. Motion carried unanimously. <br />Centennial Fire District - Council Member Bergeson moved to <br />approve the disbursements as presented. Council Member Elliott <br />seconded the motion. Motion carried unanimously. <br />CONSIDERATION OF RESOLUTION NO. 94 - 71 AUTHORIZING SALE OF <br />$2,095,000.00 TEMPORARY GENERAL OBLIGATION IMPROVEMENT BONDS <br />Mr. Schumacher explained that Mr. Jerry Shannon, Springsted, Inc. <br />is here to explain the purpose of the proposed bond sale. <br />Mr. Shannon noted that the bonds are proposed to be sold to <br />finance improvements in Country Lakes Estates, the Lake <br />Drive/Hodgson Road Intersection Improvement and the Hodgson Road <br />Watermain Improvement. The temporary bonds will be dated <br />November 1, 1994 and will mature on November 1, 1997. The City <br />may elect on November 1, 1996 or any date thereafter to prepay <br />the bonds. Approximately 90% of the bonds will be repaid by <br />assessments on the affected property, receipts from MnDOT and <br />Anoka County. The balance will be funded by Tax Increment <br />Financing (TIF), utility revenues and hookup fees. No tax levies <br />are anticipated to complete any of the improvement projects. If <br />the bonds are not totally prepaid on November 1, 1997, the City <br />can refinance the bonds. <br />Mr. Shannon also explained that the City is preparing to request <br />an increase in the City's bond rating from Moody's from the <br />current BAA to AAI. <br />Mr. Shannon explained that bond sale is set for November 11, 1994 <br />to coincide with the regular City Council meeting. Bids will be <br />received at 2:00 P.M. and will be presented to the City Council <br />that evening along with a recommendation to award the bids. <br />Resolution No. 94 - 71 authorizes Springsted, Inc. to bring the <br />bonds to the bond market for the City. <br />PAGE 2 <br />1 <br />1 <br />1 <br />