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COUNCILMEETINQ <br />APR 13 1998 <br />CTTYiegpncr <br />ORONO CITV COUNCIL MEETING <br />MINUTES FOR MARCH 2.T 1998 <br />c <br />The Council met on the abo\e mentioned date with the following members present: <br />Mavor Gabriel Jabbour, Council Members J. Diann Goetten. Barbara Peterson, and <br />Richard Flint, who arrived shortly after the meeting begun. Charles Kell^^ was absent. <br />Representing Staff were City Administrator Ron Moorse, City Attorney Tom Barr^, <br />Semor Planning Coordinator Michael Uattron, Pianner/Zoning Administrator Elizabeth <br />Van Zomeren, Planning Assistant Brad Bressler, Public Services Director Greg Gappa. <br />City Engineer Glenn Cook, and Recorder Sherry Frost. Mayor Jabbour called the <br />meet'me to order at 7.00 o.m. <br />(»#1) CONSENT AGENDA <br />Items #14, 20, 21, 23, 24, 27, 28, 29, 30, and 32 were added to the Consent Agenda. <br />Goetten moved. Peterson seconded, to approve the Consent Agenda as amended. Vote: <br />Ayes 3, Nays 0. <br />THE CITY FACILITIES - RESOLUTION NO. 4047 <br />Moorse reported that the resolution would authorbe f» - C-tv to amend the lease <br />purchase contract with the HRA for the City facilities, i. Drude was present to <br />provide the results of the bond sale which took place on this date Moorse said the <br />Council will need to take action on the lease purchase agreement and adjourn to an HKA <br />meeting. <br />Jabbour informed the public that the City is attempting to take advantage of the current <br />low interest rates and refinance the City facilities. <br />Carolyn Drude presented the tabulation of the bids received. The best bid was from <br />Morgan Stanley Dean Witter. Painewebber. Inc. and Everen Secunties. Inc^ These rates <br />will replace the rates shown for the years 2004-2008 at 4.10% to 4 5%^ The costs <br />include the discount rate similar to points for a true interest rate of 4.5362/o. Six bids <br />were received. Drude noted that the rates have tluctuated somewhat and recently came <br />back down. <br />Moody ’s Investors Service has given the City a Aa2 rating. The City has an Aal rating <br />for its general obligation bonds When a lease revenue bond is done it does not pledge <br />the City’s general obligation Drude noted that the Aa2 rating is higher than ratings <br />eenerallv seen on lease revenue bonds. <br />Drude reviewed the schedules included in the information provided to Council.