06-09-2003 Council Packet - Laserfiche WebLink

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MINUTES OF THE ORONO CITY COUNCIL MEETING Tuesday, May 27,2003 7:00 o’clock p,m. PUBLIC COMMENTS There were none. RECOGNITION *5. ORONO ‘‘SPOUT OF COMMUNITY” AWARD - RECOGNITION OF SCHOLARSHIP RECIPIENTS Mayor Peterson congratulated two Orono residents with the Spirit of Community scholarship awards and asked them to tell the Council about their future plans. Dane McFarlane, Orono resident and Mound student, stated that he had been taking college level courses at the University of Minnesota during his junior and senior years of high school and thanked the Council for presenting him with this great opportrinity to further his studies in the fall at the University in Electrical Engineering. When asked how many college credits he had accumulated thus far, Dane replied that he would be virtually entering college as a sophomore with 36 credits. Krista Carlson Parupsky, a senior at Orono High School, recently joined the National Honors Society and conqjeted for DECA at the Nationals. She planned to pursue business at Arizona State. White indicated that he had known Krista's family for years and that he believed her family embodied the spirit of the award and of Orono. *25. CONSIDER EXECUTION OF A GROUND LEASE AND A LEASE/PURCHASE AGREEMENT RELATING TO THE ISSUANCE BY THE ORONO HRA OF ITS PUBUC FACHJTY REVENUE BONDS - RESOLUTION NO. 4987 Sansevcrc moved. White seconded, to Adopt RESOLUTION NO. 4987, a Resoluttoa setting out the City’s agreement to enter into a ground lease/purchase agreement with the HRA to finance the construction of the Navarre Fire Station. VOTE: Ayes 5, Nays 0. The City’s Bond Consultant, Caroline Drude, presented the results of the bond sale, noting that Harris Trust and Savings in Chicago provided the best bid at 2.97%. She indicated that the projected interest of $596,140 over the life of the bonds, was over $300,000 less than originally planned. To the credit of Orono, its bond ratings is very good, as Moody renewed its AAI rating, just under the highest possible AAA rating. She was very positive and stated that it w'as a great time to sell bonds if the City had a project ready to move on, as in this scenario. Murphy stated that he continued to be amazed at what Orono has been able to achieve, he credited Administrator Moorse, and in-house staff, for achieving this excellent rating and keeping the City’s ‘house in order'. PAGE 3 of 11 . : i I