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CITY OF ST. ANTHONY <br />SPECIAL CITY COUNCIL MEETING MINUTES <br />JUNE 30, 2014 <br />CALL TO ORDER. <br />Mayor Faust called the special meeting to order at 7:00 p.m. <br />PLEDGE OF ALLEGIANCE. <br />10 <br />11 <br />Mayor Faust invited the Council and audience to join him in the Pledge of Allegiance. <br />12 <br />13 <br />ROLL CALL. <br />14 <br />15 <br />Present: <br />Mayor Faust; Councilmembers Gray, Jenson, Roth and Stille. <br />16 <br />Absent: <br />None. <br />17 <br />Also Present: <br />City Manager Mark Casey. <br />18 <br />Guest: <br />Stacie Kvilvang (Ehlers & Associates). <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 />47 <br />48 <br />49 <br />CONSIDERATION, DISCUSSION, AND POSSIBLE ACTION ON ALL OF THE FOLLOWING <br />ITEMS. <br />I. APPROVAL OF JUNE 30, 2014, SPECIAL CITY COUNCIL MEETING AGENDA. <br />Motion by Councilmember Jenson, seconded by Councilmember Gray, to approve the Special <br />City Council Meeting Agenda of June 30, 2014. <br />Motion carried unanimously. <br />II. GENERAL BUSINESS OF COUNCIL. <br />A. Resolution 14-050; a Resolution Relating to $3,750,000 General Obligation Tax <br />Increment Revenue Refunding Bonds, Series 201413; Awarding the Sale, Fixing the Form <br />and Details, and Providing for the Execution and Delivery Thereof and Security Therefor. <br />Stacie Kvilvang, Ehlers & Associates, presenting. <br />Mayor Faust noted that the revised amount of the refunding is $3,665,000 instead of $3,750,000. <br />Ms. Kvilvang advised that the City's AA stable rating is applicable to the City's strong <br />budgetary flexibility, adequate budgetary performance, very strong liquidity and cash flows, and <br />strong management with good financial practices. She stated the bond sale was held at 11:00 <br />a.m. today with six bids received and the low bidder was Baird for 2.881%. She noted the City <br />received premium bids so the amount of the refunding was reduced from $3,750,000 to <br />$3,665,000, adding that the rates were 20 basis points higher than anticipated due to the current <br />market. She indicated that present value savings is $860,000 over the next 20 years, a savings <br />percent of 18%, or approximately $46,000 more than anticipated. <br />Motion by Councilmember Stille, seconded by Councilmember Jenson, to adopt Resolution 14- <br />050; a Resolution Relating to $3,665,000 General Obligation Tax Increment Revenue Refunding <br />