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COUNCIL MINUTES OCTOBER 27, 2003 APPROVED 97 98 Resolution No. 03-193 can be found in the City Clerk's office. 99 100 E. Consider Resolution No. 03-194 Authorizing the Sale of $2,120,000 General Obligation 101 Improvement Refunding Bonds Series 2003A 102 103 F. Consider Resolution No. 03-195 Authorizing the Negotiated Sale of $250,000 Taxable 104 General Obligation Improvement Bonds Series 2003B 105 106 Finance Director Rolek stated Items 3E and 3F are related and should be discussed together. He 107 summarized the issues, and indicated Terri Heaton from Springsted Incorporated would review the 108 recommendation. 109 110 Mr. Heaton advised that there are three separate transactions being folded into two bond issues. He 111 explained the first is $2,120,000 in G.O. Improvement and Refunding Bonds, for three projects the 112 City has approved, and refinancing $1.2 million with new bonds. He indicated the purpose of 113 refinancing will be to save interest, and they anticipate this will save the City $44,000 in present day 114 savings. He noted this will come back for final approval before they accept bids on November 24, 115 2003. 116 117 Mr. Heaton further advised the City Council has also approved the 21' Avenue Street and Storm 118 Sewer project with Centerville. He indicated that due to the size of the issue, they are recommending 119 selling the bonds in a negotiated sale to a local bank rather than a competitive bid. He indicated the W20 cost benefit analysis has determined they can do it faster and simpler with a private bank. He stated 21 the negotiation will take place no later than December 1, 2003. Therefore, Springsted, Inc.'s 122 recommendation is for the issuance of $250,000 Taxable G.O. Improvement and Refunding Bonds 123 Series 2003B. 124 125 Councilmember Carlson asked if they need to pass the 21St Avenue Storm and Sewer project first, or 126 if it is okay to pass the bond authorization first. Mr. Heaton stated they could pass the bond 127 authorization contingent on the project passing. 128 129 Councilmember O'Donnell moved to adopt Resolution No. 03-194 Providing for the issuance and 130 sale of $2,120,000 G.O. Improvement and Refunding Bonds, Series 2003A. Councilmember Dahl 131 seconded the motion. 132 133 Motion carried unanimously. 134 135 Resolution No. 03-194 can be found in the City Clerk's office. 136 137 Councilmember Carlson moved to adopt Resolution No. 03-195 Providing for the issuance and 138 negotiated sale of $250,000 taxable G.O. Improvement Bonds, Series 2003A. Councilmember 139 O'Donnell seconded the motion. 140 141 Motion carried unanimously. 142 W143 Resolution No. 03-195 can be found in the City Clerk's office. 44 3