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r <br />ORONO CITY COUNCIL MEETING <br />MINUTES FOR NOVEMBER 13.1995 <br />ROLL <br />\ <br />% ^The Council met on the ibovc date wth the folloNving members present: Mayor Bdward> ^ <br />Callahaiv Jr., Council Members J. Diann Goetten, Gabriel Jabbour, Charles Kelley, ^ <br />JoEllen Hurr. Representing Staff were City Administrator Ron Moorse, City Attorney <br />Tom Barrett, Building and Zoning Administrator Jeanne Mabusth, Assistant Planning and > <br />Zonmg Administrator Michael Uattron, Public Works Director Jo** Cierhardson, (..ity <br />Engineer Shawn Gustafson, and Recorder Sherry Frost. Mayor Caiiahan called the <br />meeting to order at 7:00 p m <br />(*#1) CONSE’iT AGENDA <br />Items #6. 8, 11, 12. 15. 16. and 17 were added to the Consent Agenda. <br />Hurr moved, Goetten seconded, to approve the Consent Agenda as amended. Vote: <br />Ayes 5, Nays 0. <br />(#2) REFUNDING OF *89 AND *85 BONDS - CALL FOR BOND SALE - <br />RESOLUTION #3628 <br />Moorse reported that the City has two bond issues that have reached, or will soon reach, <br />their call dates This is the time when the City has an opportunity to retund those issues <br />at a lower interest rate. The City has been working with Carolyn Drude of Ehlcrs <br />Associates, the City’s bond consultant, to determine whether it would make sense to <br />refund at this time It has been estimated that the sale would result in a savings of over <br />$120,000 in interest over the life of the bonds. <br />Goetten asked if there would be any premium involved. Drude said no premium would <br />be paid to the current bond holders. <br />Hurt moved, Jabbour seconded, to adopt Resolution #3628 calling for a retlinding bond <br />sale on December II. 1995 Vote Ayes 5, Nays 0 <br />Callahan asked what interest rate could be obtained. Drude said the City would be <br />replacing interest rates of 6 25% to 8.25% with an estimated 4% to 4 8% interest for a <br />similar length of time. <br />Kelley asked if the bond was in one series Drude said the resolution was in one series <br />for cost savings but would be separarated out later for bookkeeping purposes. The new <br />bonds would also have a call option.