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COUNCIL MINUTES NOVEMBER 24, 2003 APPROVED 49 •50 FINANCE DEPARTMENT REPORT, AL ROLEK 51 52 A. Award Sale of Bonds 53 54 Finance Director Al Rolek summarized the Staff report, indicating Staff recommends that the City 55 Council approve the sale. 56 57 Terry Eaton, representative of Springsted stated that bonds were received today on behalf of the City 58 of Lino Lakes. She advised they were selling $2,120,000, with $920,000 related to new projects, and 59 the remainder representing rebonding. She stated the bidders want higher rates than they were seeing, 60 so some are paying a premium; similar to paying points when you buy a house to lower the rate, these 61 premiums raise the rate. She indicated that because of that, they were able to reduce the amount 62 needed to bond to $2,000,090. She explained the financial aspects of the bond deal, and stated the 63 City has a bond rating affirmation of A2. She read an excerpt from the Moody report relating how 64 strong the City is financially. She stated there is a resolution for the City Council approving the 65 competitive sale. 66 67 Ms. Eaton advised the second resolution is for private placement for $250,000, which are for taxable 68 bonds rather than tax exempt. She stated they have negotiated with Lino Lakes State Bank at 5.008% 69 on 10 year bonds. She indicated they actually had a public sale of both taxable and non-taxable bonds 70 a year ago, at which point there was a difference of 1.7%, and in this case it is 1.68%. She stated they 71 are recommending awarding the sale to Lino Lakes State Bank. .72 73 Finance Director Rolek indicated they would like these resolutions approved as separate actions. 74 75 Councilmember Dahl moved to adopt Resolution No. 03-210 awarding the sale of $2,120,000 76 General Obligation Improvement and Refunding Bonds, Series 2003A fixing their form and 77 specifications; directing their execution and delivery; and providing for their payment.. 78 Councilmember Carlson seconded the motion. 79 80 Motion carried unanimously. 81 82 Councilmember O'Donnell moved to adopt Resolution No. 03-211 awarding the sale of $250,000 83 Taxable General Obligation Improvement Bonds, Series 2003B fixing their form and specifications; 84 directing their issuance and delivery; and providing for their payment. 85 86 Motion carried unanimously. 87 88 Resolution Nos. 03-210 and 03-211 can be found in the City Clerk's office. 89 90 ADMINISTRATION DEPARTMENT REPORT, DAN TESCH 91 92 A. Consider Resolution No. 03-215 approving Liquor License Transfer for 49 Club, Ann 93 Blair, City Clerk 94 •95 City Clerk Blair summarized the Staff report, indicating Staff recommends approval. 96 2