Agenda Packet Cc - regular meeting 9/25/1989

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COUNCIL MEETING MINUTES OF THE REGULAR ORONO COUNCIL MEETING SEP 251989 HELD SEPTEMBER 11. , 1989 ATTENDANCE 7:00 P.M. CITY OF ORONO The Council met on the above date with the following members present: Mayor Grabek, Councilmembers Goetten, Nettles, Peterson and Callahan. The following represented the City staff: City Administrator Bernhardson, Finance Director Kuehn, Building & Zoning Administrator Mabusth, Assistant Planning and Zoning Administrator Gaffron, City Engineer Cook, City Attorney Barrett, and City Recorder Scheffler. SALE OF BONDS RESOLUTION #2691 The Affidavit of Publication and Certificate of Mailing were duly noted. City Administrator Bernhardson said that the City wished to award the bid for the sal- of $2,300,000 of Wi' er and Sewer Revenue Bonds for future improvements to Highwa,r 12. Bernhardson noted that the City had beer, upgraded from a Aa bond rating to Aal. This puts the City of �;rono in the same c'_ assification as the Cities of Edina, St. Louis Park, and Fridle, and the Edina School District. The only rating above Aal is A, -:a, which is held by Hennepin County, Ramsey County and the Cities of Minneapolis and Rochester. Mayor Grabek asked what the City of Orono had done to achieve such an excellent rating? Ms. Carolyn Drude of Ehlers & Associates, replied that it was a combination of e financial health of Orono, the planning that has been done ne past, and the economic factors of the City as a whole_. M5. Drude noted that Moody's nad not given any other City the size of Orono an Aal rating. Drude added that the efforts of the City staff were also responsible for the Aal rating as was the way in which the City Council acted as a body Mayor Grabek complimented the Council acid City Staff for a job well done. Bernhardson added that Carolyn Drude was also deserving of recognition for her assistance in working with the City, as was Tom Kuehn, Finance Director, in light of his effective method of financial reporting. Ms. Drude called the Council's attention to the coupon rates and how competitive they were with one another and with the market. It was moved by Mayor Grabek, seconded by Council.member Goetten, to adopt Resolution #2691 awarding the bid `.o Dean Witter Feynolds, Inc , Prudential-Bache Capital Funding, Shtarson Lehman Hutton, Inc., �iith Barney, Harris Upham & Company, Inc., at a bid price of $2,283,070.00, for the issuance of $2.3 million in bends, at a net interest cost of 6.5101%. Motion, Ayes=5,