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City Council Regular Meeting Minutes <br />November 24, 2009 <br />Page 2 <br />IV. PUBLIC HEARING. <br />None. <br />V. REPORTS FROM COMMISSION AND STAFF. <br />None. <br />10 VI. GENERAL BUSINESS OF COUNCIL <br />11 <br />12 A. Resolution No. 09-087: $1,170,000 General Obligation Refunding Bonds Series 2009B <br />13 Jonathon North Ehlers & Associates presenting_ <br />14 <br />15 Mr. Jonathon North, Ehlers & Associates provided an overview of the results of bond sale for the <br />16 $1,645,000 General Obligation Refunding Bonds, Series 2009B. <br />17 Rating: Standard & Poor's AA <br />18 Number of Bids: 6 <br />19 Low Bidder: M&I Marshall & Ilsley Bank <br />20 True Interest Cost: 2.045% <br />21 <br />22 Mr. North requested Council consideration of Resolution 09-087 relating to the General <br />23 Obligation Refunding. <br />24 <br />25 Councilmember Stille stressed that the refunding bonds will impact the 2011 levy. He requested <br />26 verification that the term on the refunding bonds is not being extended from the original term. <br />27 Mr. North stated this is correct. The purpose of the refunding bonds is to provide interest rate <br />28 savings. <br />29 <br />30 Motion by Councilmember Stille, seconded by Councilmember Thuesen, to adopt Resolution <br />31 No. 09-087; $1,170,000 General Obligation Refunding Bonds, Series 2009B. <br />32 <br />33 Motion carried unanimously. <br />34 <br />35 B. 2010 Street & Utility Improvement Project Todd Hubmer, WSB & Associates <br />36 presenting, <br />37 <br />38 Mr. Todd Hubmer, WSB & Associates, stated staff is seeking direction from Council on the final <br />39 design of the 2010 Street & Utility Improvement Project and the amendments from the <br />40 Feasibility Study discussed at the October 27, 2009 City Council meeting. He advised it is staff's <br />41 recommendation to proceed with the final design of Silver Lane as presented and approved in the <br />42 Feasibility Study. Should the Council desire to proceed with the plans as presented, Council may <br />43 motion to continue with the final design without the cul-de-sac option and with the sidewalk to <br />44 be located on the south side of Silver Lane. This will not require any revisions to the 2010 Street <br />45 & Utility Feasibility Study. <br />46 <br />R <br />