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City Council Regular Meeting Minutes <br />November 8, 2011 <br />Page 3 <br />a <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 V. <br />33 <br />34 <br />35 <br />36 VI. <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />No speakers were present. Mayor Faust closed the public hearing at 8:21 p.m. <br />Motion by Councilmember Roth, seconded by Councilmember Jenson, to approve Resolution <br />11 -070; Giving Preliminary Approval to the Issuance of General Obligation Capital <br />Improvement Plan Bonds in an Amount Not to Exceed $4,000,000 and Adopting the City of St. <br />Anthony, Minnesota, Capital Improvement Plan for the Years 2011 through 2015. <br />Motion carried unanimously. <br />B. Resolution 11-071 • Resolution Providing for the Sale of $2 215 000 G.O. Refunding <br />Bonds, Series 2011B. <br />Ms. Kvilvang stated that a public hearing is not required for this item. She presented the pre -sale <br />report for $2,215,000 in General Obligation Refunding Bonds in order to refund the City's <br />2004A and 2005A GO bonds. She explained that the outstanding principal amounts are <br />$1,065,000 and $1,150,000, respectively, and the City is not restructuring the debt but is taking <br />advantage of interest rate savings for the remaining term. She stated that current rates range <br />from 3.55% up to 4.6% with new rates estimated between .55% and 2.55%, resulting in <br />significant savings over the remaining term of approximately $179,000 or $23,000 annually. She <br />added that the sale results will be presented to the City Council on December 13"i, <br />Councilmember Stille requested information regarding the call date on the bonds. <br />Ms. Kvilvang advised that both bond issues have a call date of February 1, 2012 with the 2004A <br />bonds maturing on February 1, 2020 and the 2005A bonds maturing on February 1, 2021. <br />Motion by Councilmember Gray, seconded by Councilmember Stille, to approve Resolution 11- <br />071; Resolution Providing for the Sale of $2,215,000 G.O. Refunding Bonds, Series 2011B. <br />Motion carried unanimously. <br />REPORTS FROM COMMISSION AND STAFF. <br />None. <br />GENERAL BUSINESS OF COUNCIL. <br />None. <br />VII. REPORTS FROM CITY MANAGER AND COUNCIL MEMBERS. <br />Interim City Manager Hartman provided an update regarding the joint powers agreement being <br />negotiated with the City of New Brighton for fuel purchasing and dispensing. He advised that <br />over the past six years, New Brighton has been dispensing fuel through Ramsey County Public <br />Works and has asked the City to enter into a joint powers agreement whereby New Brighton <br />could dispense unleaded fuel from the City's Public Works facility after February 1, 2012. Fle <br />0 <br />