01-10-2005 Council Packet - Laserfiche WebLink

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V MINUTES OF THE ORONO CITY COUNCIL MEETING Monday, December 13, 2004 7:00 o'clock p.m. BOND SALE 6. CONSIDER THE AWARD OF THE SALE OF $910,000 GENERAL OBLIGATION SEWER IMPROVEMENT REFUNDING BONDS - RESOLUTION NO. 5267 Carolyn Drude. Bond Consultant, addressed the City Council concerning the bids received for the sale of $910,000 sewer improvement refunding bonds designed to reduce the City ’s debt service on its 1997 improvements. Drude noted Staff has allocated $200,000 from the Debt Service Fund into the refunding bonds to reduce the size of the issue to $910,000. Drude stated four bids were received, with Cronin & Company, Inc. submitting the best bid with an interest rate of 3.1383 percent. Drude noted the City ’s bond rating is very strong at Aal. Drude reviewed the schedule for the 199"^ bond rates, noting the interest rates range from 4.65 percent to 5.2 percent. Drude noted the City would c.xperience a savings of $105,905.17 as a result of the lower interest rate and the allocation of the $200,000 from the Debt Service Fund. Murphy thanked Carolyn Drude and Tom Kuchn for their fine work on the City ’s financial affairs. Murphy moved, White seconded, to adopt RESOLUTION NO. 5267, a Resolution Asvarding Sale of $910,000 General Obligation Sewer Improvement Refunding Bonds, Series 2004B, Fixing the Form and Specifications Thereof, Providing for Their Execution and Delivery, and Providing for Their Payment. VOTE: Ayes 5, Nays 0. PARK COMMISSION COMMENTS - PAUL PESEK, REPRESENTATIN E Paul Pesek addressed the City Council regarding the work being undertaken by the Park Commission to gain an easement from the Luce Line to Lowr>' Woods. Pesek stated a verbal agreement has been given to the City concerning the ea.sement. Pesek stated a majority of the railroad tracks and cross tics had been removed on the Dakota Rail. Pesek noted he took new member Krogness on a tour of eight parks in the City of Orono. McDermott stated there is a concern with snowmobiles trespassing on the Dakota Tratl this winter. ’ IcMillan noted signage is supposed to be erected by Hennepin County' in the near future prohibiting snowmobiles and other motorized vehicles on the trail. White commented in his view a large number of people will utilize this trail and will provide a great benefit to the City. MeMillan inquired whether a decision has been made regarding thr relocation of the Lurton bam. .McDermott stated due to the relatively poor condition of the bam. tne Park Commission has decided not to relocate the bam. McMillan inquired whether any portion of the bam is salvageable. McDemiott indicated there are three large timbers that could l>e salvaged. PAGE 3 Jim