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T � City Council Regular Meeting Minutes March 25, 2003 Page 3 1 Councilmember Horst asked how the basketball court at Silver Point Park would fit into the 2 budget. Chair Jindra explained the court was going to be included in the shelter expense so as 3 not to incur any additional expenses for the park. 4 5 Councilmember Horst stated he would like to see a final figure on this to keep it within the 6 budget. Mr. Mornson stated he has been working on this with the architect and would report 7 back to the Council as this item moves forward. He noted it would be completed around Labor 8 Day. 9 10 Councilmember Thuesen asked if the drainage at Central Park was under control this spring. 11 Chair Jindra noted this has been addressed with the park architects and contractor last fall and 12 was being observed this spring. 13 14 Councilmember Sparks indicated the Park Commissioners have been very clear with the 15 architect and contractor to take responsibility of these drainage issues and have them corrected at 16 their expense. Councilmember Thuesen thanked the Park Commission for their efforts. 17 18 VII. GENERAL POLICY BUSINESS OF THE COUNCIL. 19 A. Resolution 03-627, re: Approve sale of$1,700,000 GO Bonds, Series 2003A, to finance 20 the 2003 Street Construction Program. 21 Mr. Morrison presented the proposed Resolution and explained that James Prosser, a 22 representative from Ehlers &Associates, was present to review the bond sales with the Council. 23 24 Mr. Prosser noted he has had good meetings with City staff on this issue and thanked them for 25 their assistance in preparing these bond sales. 26 27 Mr. Prosser reviewed the Al rating with regard to the City's credit rating and commended the 28 City on this rating. He noted Roger Larson has worked diligently to provide Ehlers with the 29 information needed to prepare for this bond sale. Mr. Prosser explained there were three bond 30 sales to report to the Council and he had five bids for each of these sales. He noted the true 31 interest rate for the first sale was 3.8225%. Mr. Prosser then asked for comments or questions 32 from the Council. 33 34 Councilmember Sparks asked why there was such a variance in the interest rates between the 35 three different sales. Mr. Prosser stated the interest depended on the structure of the bond itself. 36 He stated the underwriters look at the maturities of these bonds and how they differ, which sets 37 the interests rates. 38 39 Motion by Councilmember Thuesen to adopt Resolution 03-027, re: Approve sale of$1,700,000 40 GO Bonds, Series 2003A, to finance the 2003 Street Construction Program. 41 42 Motion carried unanimously. 43 44 B. Resolution 03-028, re: Approve sale of$2,200,000 GO Bonds, Series 2003B, to finance 45 the cost of 27'Avenue NE Sanitary Sewer Replacement, installation of water main in the