2001.08.20 CC Minutes - Laserfiche WebLink

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Council meeting of August 20, 2001 Page 4 August 20`h), and Mr. Fifield, present at the meeting, reported that the low bidder was Miller Johnson Steichen Kinnard Investment Securities at an interest rate of 4.7743%. The bond repayment schedule is for fifteen years. Petryk made motion, Puleo seconded, to adopt RESOLUTION 2001-41 AUTHORIZING THE ISSUANCE OF $1,878,000 PUBLIC FACILITY LEASE REVENUE BONDS, SERIES 2001 (CITY OF HUGO, MN LEASE OBLIGATION) AND THE EXECUTION AND DELIVERY OF A GROUND LEASE AGREEMENT, A LEASE AGREEMENT, AND A MORTGAGE AND SECURITY AGREEMENT AND INDENTURE OF TRUST IN CONNECTION THEREWITH. VOTING AYE: Granger, Petryk, Puleo, Miron Motion Carried. Miron made motion, Petryk seconded, to adjourn the EDA at 7:59 pm. All aye. Motion Carried. Mayor Miron called the City Council back to order at 8:00 pm. LEASE AGREEMENT FOR NEW CITY HALL The Economic Development Authority awarded the sale of $1,870,000 Public Facility Lease Revenue Bonds to finance construction of the new city hall. The City Council has agreed to lease the city hall facility from the EDA. Mary Ippel, the city's bond counsel from Briggs and Morgan, has worked with Rusty Fifield, the city's financial advisor, and with City Attorney Dave Snyder, to draft the lease agreement. The agreement calls for the annual appropriation and delivery of lease payments to the EDA in amounts sufficient to make the debt service payments on the bonds. Petryk made motion, Granger seconded, to adopt RESOLUTION 2001-42 AUTHORIZING THE EXECUTION AND DELIVERY OF A GROUND LEASE AGREEMENT, LEASE AGREEMENT AND CONTINUING DISCLOSURE AGREEMENT AND ALLOCATING SMALL ISSUER REBATE EXCEPTION AUTHORITY. VOTING AYE: Granger, Petryk, Puleo, Miron Motion Carried. AWARD SALE OF WATER REVENUE BONDS At its July 16, 2001 meeting, the City Council authorized the sale of $3,120,000 General Obligation Utility Revenue Bonds to.finance construction of water system improvements. An official statement was prepared and disseminated to potential bidders. Mr. Rusty Fifield of Ehlers & Associates, the city's financial advisor, estimated a net interest cost of 5.13%. Bids were opened at noon today (Monday, August 20'"), and Mr. Fifield, present at the meeting, reported that the low bidder was U.S. Bancorp Piper Jaffray at an interest rate of 4.4094%. The bond repayment schedule is for fifteen years. Petryk made motion, Granger seconded, to adopt RESOLUTION 2001-43 PROVIDING FOR THE ISSUANCE AND SALE OF $3,120,000 G.O. UTILITY REVENUE BONDS, SERIES 2001 AND