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2 <br />rd <br />10 <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 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />City Council Regular Meeting Minutes <br />December 13, 2011 <br />Page 2 <br />Mi•. Poster stated that they will be performing A Christmas Carol on Saturday, December 17"i, at <br />2:00 and 7:00 p.m. and on Sunday, December 18°i, at 2:00 p.m. at the high school auditorium. <br />III. CONSENT AGENDA. <br />A. Consider November 22 2011 Council meeting minutes• <br />B. Consider licenses and uennits; <br />C. Consider payment of claims <br />D. Consider Resolution 11-077; Accepting a Donation from the St Anthony Village Lions <br />Club for the Veteran's Memorial: <br />E. Consider Resolution 11-078: Approving the Appointments to the P nks Commission: and_ <br />F. Consider Resolution 11-079 A gni covin the Appointments to the Planning Commission. <br />Motion by Council member Roth, seconded by Councilmember Jenson, to approve the Consent <br />Agenda items. <br />Motion carried 4-0. <br />IV. PUBLIC HEARING. <br />None. <br />V. REPORTS FROM COMMISSION AND STAFF. <br />None. <br />VI. GENERAL BUSINESS OF COUNCIL. <br />A. Resolution 11-080• Relating to $2,215,000 General Obligation Refunding Bonds Series <br />201113; Awarding the Sale fixing the Form and Details and Providing for the Execution <br />and Delivery Thereof and Security Therefor and Levying Ad Valorem Taxes for the <br />Payment Thereof Stacie Kvilvang Ehlers & Associates presenting_ <br />Ms. Stacie Kvilvang, I'hlers & Associates, explained that the City is refunding its 2004A and <br />2005A General Obligation bonds in the amount of $2,215,000. She stated that the rating call <br />with Standard & Poor's was held on December lst and Standard & Poor's upheld the City's <br />"AA" bond rating with a stable outlook. She indicated the City's rating is related to its strong <br />income levels, healthy financial profile, strong fund balance, good management practices, <br />diverse tax base, and rapid amortization of debt. She advised that the sale was held at 10:00 a.m. <br />today and six bids were received with United Bankers' Bank of Bloomington, Minnesota, as the <br />low bidder. She noted that the bid amount was reduced by $5,000 due to savings from the <br />underwriter's discount, resulting in a refunding of $2,210,000. She stated that the overall <br />savings over the next nine years is 11 % or $230,000. <br />Councilmember Stille requested confirmation that the bonds are not callable given the short <br />term. <br />