09/26/2005 Council Minutes - Laserfiche WebLink

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COUNCIL MINUTES SEPTEMBER 26, 2005 APPROVED •91 CHAMBER OF COMMERCE (JAYCEES) FOR 92 OFFICER SHAWN SILVERA MEMORIAL 93 BENEFIT Approved 94 95 D. CONSIDERATION OF RESOLUTION NO. 96 05-149 APPROVING JOINT POWERS 97 AGREEMENT WITH ANOKA COUNTY FOR 98 THE FINAL DESIGN — LAKE DRIVE/I35W 99 INTERCHANGE Approved 100 101 E. CONSIDERATION OF MINUTES OF 102 AUGUST 17, 2005 COUNCIL WORK SESSION Approved 103 104 F. CONSIDERATION OF MINUTES OF 105 AUGUST 22, 2005 CITY COUNCIL MEETING Approved 106 107 G. CONSIDERATION OF MINUTES OF 108 AUGUST 30, 2005 SPECIAL COUNCIL WORK 109 SESSION Approved 110 111 FINANCE DEPARTMENT REPORT, AL ROLEK W12 13 A. Consider Resolution No. 05-150, Awarding the Sale of $5,550,000 Taxable General 114 Obligation Improvement Bonds, Series 2005A 115 116 Finance Director Rolek summarized the Staff report, indicating Staff recommends approval. He 117 introduced Terri Heaton, Springsted, Inc. who presented the sale results noting the 2005A Series 118 taxable bonds rate would be 5.0864% and the 2005B Series non-taxable bonds rate would be 3.48%. 119 She added the Moody's bond rating on both sales is Aaa. 120 121 Councilmember Reinert noted the buyer is buying insurance and this is not a negative affect for the 122 City. Ms. Heaton replied correct, it is positive. 123 124 Councilmember Carlson stated since the sale results were presented before the meeting is there 125 anything that is different than usual. Ms. Heaton replied no, the results are due to market timing. 126 127 Councilmember Stoltz moved to approve Resolution No. 05-150, Awarding the Sale of $5,550,000 128 Taxable General Obligation Improvement Bonds, Series 2005A to Cronin & Company, Incorporated. 129 Councilmember Dahl seconded the motion. 130 131 Motion carried unanimously. 132 133 Resolution No. 05-150 can be found in the City Clerk's office. fly 34 3