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City Council Regular Meeting Minutes November 8, 2011 Page 3 No speakers were present. Mayor Faust closed the public hearing at 8:21 p.m. Motion by Councilmember Roth, seconded by Councilmember Jenson, to approve Resolution 11 -070; Giving Preliminary Approval to the Issuance of General Obligation Capital Improvement Plan Bonds in an Amount Not to Exceed $4,000,000 and Adopting the City of St. Anthony, Minnesota, Capital Improvement Plan for the Years 2011 through 2015. 8 Motion carried unanimously. 9 10 B. Resolution 11 -071; Resolution Providins for the Sale of $2,215,000 G.O. Refunding 11 Bonds, Series 2011B. 12 13 Ms. Kvilvang stated that a public hearing is not required for this item. She presented the pre -sale 14 report for $2,215,000 in General Obligation Refunding Bonds in order to refund the City's 15 2004A and 2005A GO bonds. She explained that the outstanding principal amounts are 16 $1,065,000 and $1,150,000, respectively, and the City is not restructuring the debt but is taking 17 advantage of interest rate savings for the remaining term. She stated that current rates range 18 from 3.55% up to 4.6% with new rates estimated between .55% and 2.55 %, resulting in 19 significant savings over the remaining term of approximately $179,000 or $23,000 annually. She 20 added that the sale results will be presented to the City Council on December 13'h. 21 22 Councilmember Stille requested information regarding the call date on the bonds. 23 24 Ms. Kvilvang advised that both bond issues have a call date of February 1, 2012 with the 2004A 25 bonds maturing on February 1, 2020 and the 2005A bonds maturing on February 1, 2021. 26 27 Motion by Councilmember Gray, seconded by Councilmember Stille, to approve Resolution 1I- 28 071; Resolution Providing for the Sale of $2,215,000 G.O. Refunding Bonds, Series 201113. 29 30 Motion carried unanimously. 31 32 V. REPORTS FROM COMMISSION AND STAFF. 33 34 None. 35 36 VI. GENERAL BUSINESS OF COUNCIL. 37 38 None. 39 40 VII. REPORTS FROM CITY MANAGER AND COUNCIL MEMBERS. 41 42 Interim City Manager Hartman provided an update regarding the joint powers agreement being 43 negotiated with the City of New Brighton for fuel purchasing and dispensing. He advised that 44 over the past six years, New Brighton has been dispensing fuel through Ramsey County Public 45 Works and has asked the City to enter into a joint powers agreement whereby New Brighton 46 could dispense unleaded fuel from the City's Public Works facility after February 1, 2012. He