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City Council Regular Meeting Minutes <br />December 13, 2011 <br />Page 2 <br />1 Mr. Foster stated that they will be performing A Christmas Carol on Saturday, December 17 ", at <br />2 2:00 and 7:00 p.m. and on Sunday, December 18'h, at 2:00 p.m. at the high school auditorium. <br />4 III. CONSENT AGENDA. <br />6 A. Consider November 22, 2011, Council meeting minutes; <br />7 B. Consider licenses and permits: <br />8 C. Consider payment of claims: <br />9 D. Consider Resolution 11 -077• Accepting a Donation from the St. Anthony Village Lions <br />10 Club for the Veteran's Memorial; <br />11 E. Consider Resolution 11 -078: Approving the Appointments to the Parks Commission: an d <br />12 F. Consider Resolution 11 -079- Approving the Appointments to the Planning Commission. <br />13 <br />14 Motion by Councilmember Roth, seconded by Councilmember Jenson, to approve the Consent <br />15 Agenda items. <br />16 <br />17 Motion carried 4 -0. <br />18 <br />19 IV. PUBLIC HEARING. <br />20 <br />21 None. <br />22 <br />23 V. REPORTS FROM COMMISSION AND STAFF. <br />24 <br />25 None. <br />26 <br />27 VI. GENERAL BUSINESS OF COUNCIL. <br />28 <br />29 A. Resolution 11 -080: Relating to $2,215 000 General Obligation Refunding Bonds Series <br />30 201 IB: Awarding the Sale, Fixing the Form and Details and Providing for the Execution <br />31 and Delivery Thereof and Security Therefor and Levying Ad Valorem Taxes for the <br />32 Payment Thereof. Stacie KvilvangEhlers & Associates, presenting. <br />33 <br />34 Ms. Stacie Kvilvang, Ehlers & Associates, explained that the City is refunding its 2004A and <br />35 2005A General Obligation bonds in the amount of $2,215,000. She stated that the rating call <br />36 with Standard & Poor's was held on December I" and Standard & Poor's upheld the City's <br />37 "AA" bond rating with a stable outlook. She indicated the City's rating is related to its strong <br />38 income levels, healthy financial profile, strong fund balance, good management practices, <br />39 diverse tax base, and rapid amortization of debt. She advised that the sale was held at 10:00 a.m. <br />40 today and six bids were received with United Bankers' Bank of Bloomington, Minnesota, as the <br />41 low bidder. She noted that the bid amount was reduced by $5,000 due to savings from the <br />42 underwriter's discount, resulting in a refunding of $2,210,000. She stated that the overall <br />43 savings over the next nine years is 11% or $230,000. <br />44 <br />45 Councilmember Stille requested confirmation that the bonds are not callable given the short <br />46 term. <br />