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City Council Regular Meeting Minutes March 22, 2011 Page 3 1 Motion carried unanimously. 2 3 VI. GENERAL BUSINESS OF COUNCIL. 4 5 A. Resolution 11-028; Relating to $3,000,000 General Obligation Improvement Bonds 6 Series 2011A; Awarding the Sale, Fixing the Form and Details and Providing for the 7 Execution and Delivery Thereof and Security Therefor and Levying Ad Valorem Taxes 8 for the Payment Thereof. Jon North. Ehlers & Associates, presenting. 9 10 Mr. Jon North, Ehlers & Associates, presented the results of the General Obligation 11 Improvement Bonds sale held earlier today. He congratulated the City on the outstanding sale 12 results and explained that the City benefited from its excellent "AA" credit rating. He stated that 13 the purpose of the bond sale was to finance the 2011 road reconstruction project and also to 14 refund the 2012-2019 maturities of the City's 2003A bonds, which results in interest rate savings 15 for the benefit of the taxpayer. He stated that the City received eight bids and the low bidder was 16 Morgan Keegan at a true interest cost of 2.9%. He noted that the City saved approximately 17 $32,000 by utilizing a competitive bid process and the City was able to get a premium bid which 18 means there will be more money to put into the project fund. He advised that due to low interest 19 rates, the present value savings represent approximately $63,000, compared to an anticipated 20 savings of $54,000. He then presented the bid tabulations and summary sheet detailing expense 21 revenue streams to support the bonds. 22 23 Councilmember Stille pointed out that the City's refinancing of the 2003A bonds does not extend 24 the amortization period. 25 26 Motion by Councilmember Roth, seconded by Councilmember Jenson, to approve Resolution 27 11-028; Relating to $3,000,000 General Obligation Improvement Bonds, Series 2011A; 28 Awarding the Sale, Fixing the Form and Details and Providing for the Execution and Delivery 29 Thereof and Security Therefor and Levying Ad Valorem Taxes for the Payment Thereof. 30 31 Motion carried unanimously. 32 33 B. Ordinance 11-001; Relating to Regulation of Tobacco Sales, Amending Section 111 of 34 the St. Anthony City Code. Kim Moore Sykes, Assistant City anager, presenting. 35 36 Assistant City Manager Moore Sykes advised that in 2007, Governor Pawlenty signed an 37 amendment to the Freedom to Breathe Act that allowed sampling of tobacco and which also gave 38 local jurisdictions the authority to adopt amendments that are more restrictive in allowing this 39 sampling. She indicated that the City currently has eleven vendors with tobacco licenses and all 40 license holders were mailed notice of the proposed amendments to the tobacco ordinance. She 41 then reviewed each of the proposed amendments with the City Council. She also recited the 42 schedule for the ordinance amendments as contained in the March 22, 2011 staff report. 43 44 Mayor Faust stated that the City will still allow sales of tobacco products, but does not believe 45 sampling of these products is in the best interest of the community, as provided in § 111.057. 46 3