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CITY OF ST. ANTHONY <br />SPECIAL CITY COUNCIL MEETING MINUTES <br />JUNE 30, 2014 <br />4 <br />5 CALL TO ORDER. <br />6 <br />7 Mayor Faust called the special meeting to order at 7:00 p.m. <br />9 PLEDGE OF ALLEGIANCE. <br />10 <br />11 Mayor Faust invited the Council and audience to join him in the Pledge of Allegiance. <br />12 <br />13 ROLL CALL. <br />14 <br />15 Present: Mayor Faust; Councilmembers Gray, Jenson, Roth and Stille. <br />16 Absent: None. <br />17 Also Present: City Manager Mark Casey. <br />18 Guest: Stacie Kvilvang (Ehlers & Associates). <br />19 <br />20 CONSIDERATION, DISCUSSION, AND POSSIBLE ACTION ON ALL OF THE FOLLOWING <br />21 ITEMS. <br />22 <br />23 I. APPROVAL OF JUNE 30, 2014, SPECIAL CITY COUNCIL MEETING AGENDA. <br />24 <br />25 Motion by Councilmember Jenson, seconded by Councilmember Gray, to approve the Special <br />26 City Council Meeting Agenda of June 30, 2014. <br />27 <br />28 Motion carried unanimously. <br />29 <br />30 II. GENERAL BUSINESS OF COUNCIL. <br />31 <br />32 A. Resolution 14-050: a Resolution Relating to $3,750,000 General Obligation Tax <br />33 Increment Revenue Refunding Bonds, Series 2014B: Awarding the Sale, Fixing the Form <br />34 and Details, and Providing for the Execution and Delivery Thereof and Security Therefor. <br />35 Stacie Kvilvang, Ehlers & Associates, presenting. <br />36 <br />37 Mayor Faust noted that the revised amount of the refunding is $3,665,000 instead of $3,750,000. <br />38 <br />39 Ms. Kvilvang advised that the City's AA stable rating is applicable to the City's strong <br />40 budgetary flexibility, adequate budgetary performance, very strong liquidity and cash flows, and <br />41 strong management with good financial practices. She stated the bond sale was held at 11:00 <br />42 a.m. today with six bids received and the low bidder was Baird for 2.881%. She noted the City <br />43 received premium bids so the amount of the refunding was reduced from $3,750,000 to <br />44 $3,665,000, adding that the rates were 20 basis points higher than anticipated due to the current <br />45 market. She indicated that present value savings is $860,000 over the next 20 years, a savings <br />46 percent of 18%, or approximately $46,000 more than anticipated. <br />47 <br />48 Motion by Councilmember Stille, seconded by Councilmember Jenson, to adopt Resolution 14- <br />49 050; a Resolution Relating to $3,665,000 General Obligation Tax Increment Revenue Refunding <br />