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LAKE i; CITY COUNCIL <br />2012 <br />Regulations 97.23 (A) Prohibited Structures and Uses <br />S. Lions Park Tennis Court Resurfacing <br />6. Lions Park Safety Surface <br />MOTION: Council Member Pearson moved to approve the Consent Agenda Items 2-6 as presented. <br />Council Member Smith seconded the motion. Motion passed 4-0. <br />ITEM 7: RESOLUTION 2012-35 AUTHORIZATION FOR SALE OF $4,090,000 GENERAL <br />OBLIGATION WATER REVENUE CROSSOVER REFUNDING BONDS SERIES 2012A <br />Paul Donna, Northland Securities, provided an overview of the bid results which went on sale that <br />morning. Due to the City's excellent bond rating Aa2, it attracted excellent results and provided a <br />net savings of approximately $455,000.00. <br />City Administrator Zuleger and Finance Director Bendel thanked Mr. Donna for their good advice. <br />MOTION: Council Member Smith moved to approve Resolution 2012-35 processing the necessary <br />paperwork related to $4,090,000 General Obligation Water Revenue Crossover Refunding Bond Series <br />2012A. Council Member Park seconded the motion. Motion passed 4-0. <br />ITEM B: AUTHORIZATION TO ENTER INTO AN ESCROW AGREEMENT WITH NORTHLAND <br />TRUST SERVICES, INC. RELATED TO TIME SALE OF $4•,090,000 GENERAL OBLIGATION WATER <br />REVENUE CROSSOVER REFUNDING BOLDS SERIES 2012A <br />Finance Director Bendel requested the Council to consider entering into an escrow agreement with <br />Northland Trust Securities, Inc. relating to the $4,090,000 General Obligation Water Revenue <br />Crossover Refunding Bonds, Series 2012A. <br />MOTION: Council Member Smith moved to authorize the City to enter into an escrow agreement with <br />Northland Trust Securities, Inc. relating to the $4,090,000 General Obligation Water Revenue <br />Crossover Refunding Bonds, Series 2012A. Council Member Pearson seconded the motion. Motion <br />passed 4-0. <br />ITEM 9- RESOLUTION 2012-36 AUTHORIZATION FOR SALE OF $865,000 GENERAL <br />OBLIGATION IMPROVEMENT BOUDS <br />Finance Director Bendel respectfully requested the City Council to consider adopting Resolution <br />2012-36 authorizing the sale of $865,000 General Obligation Improvement Bonds, Series 2012B. <br />MOTION. Council Member Smith moved to approve Resolution 2012-36 awarding the sale, prescribing <br />the form and details and providing for the payment of the $865,000 General Obligation Improvement <br />Bonds, Series 2012B. Council Member Pearson seconded the motion. Motion passed 4-0. <br />Page 2 of 8 <br />