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I <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />I I <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />City Council Regular Meeting Minutes <br />December II, 2012 <br />Page 3 <br />V. <br />VI. <br />None. <br />REPORTS FROM COMMISSION AND STAFF. <br />None . <br />GENERAL BUSINESS OF COUNCIL. <br />A. Resolution 12-093; Relating to $1,500.000 General Obligation Water and Sewer Revenue <br />Refunding Bonds. Series 2013A; Awarding the Sale. Fixing the Form and Details and <br />Providing for the Execution and Delivery Thereof and Security Therefor and Levying Ad <br />Valorem Taxes for the Payment Thereof. Stacie K vilvang. Ehlers & Associates. <br />presenting. <br />Stacie Kvilvang , Ehlers & Associates, reported that three bids were received and opened on <br />December 11 ,2012, for the General Obligation Water and Sewer Revenue Refunding Bond s, <br />Series 2013A. She indicated that they are not expending the term but merely refinanc ing a term <br />already in place. She said they held a rating call from Standards and Poor who affirmed the <br />City 'S AA rating. Ms. Kvilvang said notable items are access to the Twin Cities metro market <br />area, which is favorable , a healthy financial profile, and a strong general fund balance amortizing <br />18% of the debt. <br />Ms . Kvilvang said the lowest responsible bidder is Raymond James and Associates at 1.5177% <br />for $1 ,477,000 . She stated this will result in a savings of future value of$236,000 or $21 ,000 <br />per year. <br />Councilmember Stille thanked Ms. Kvilvang and staff for their work on these bonds, adding we <br />are covered . <br />Mayor Faust asked what the previous rate was. Ms. Kvilvang said the previous rate was in the <br />range of3-4% range and will now be just over 1.5%. <br />Mayor Faust noted that in 2003 those rates were considered low. <br />Councilmember Stille said they will only be borrowing at less than 1.5%, which is a factor of the <br />market. <br />Motion by Councilmember Jenson , seconded by Councilmember Gray, to adopt Resolution 12- <br />093; Relating to $1,500,000 General Obligation Water and Sewer Revenue Refunding Bonds, <br />Series 2013A ; Awarding the Sale , Fixing the Form and Details and Providing for the Execution <br />and Delivery Thereof and Security Therefor and Levying Ad Valorem Taxes for the Payment <br />Thereof. <br />Motion carried unanimously. <br />B. Resolution 12-094; Setting the 2013 General Operating Budget and Property Tax Levy . <br />Shelly Rueckert. Finance Director. presenting .