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ORONO CITY COUNCIL MEETING <br />MINUTES FOR DECEMBER 11, 1995 <br />• ROLL <br />The Council met on the above date with the following members present: Mayor Edward <br />J. Callahan, Jr., Council Members J. Diann Goetten, Gabriel Jabbour, and JoEllen Huff <br />Charles Kelley was absent. Representing Staff were City Administrator Ron Moorse, <br />City Attorney Tom Barrett, Public Works Director John Gerhardson, Building and <br />Zoning Administrator Jeanne Mabusth, Assistant Planning and Zoning Administrator <br />Michael Gaffron, City Engineer Glenn Cook, City Finance Director Tom Kuehn, and <br />Recorder Sherry Frost. Mayor Callahan called the meeting to order at 6:50 p.m. <br />( #1) TRUTH IN TAXATION FINAL HEARING - ADOPTION OF 1996 BUDGET <br />AND TAX LEVY - 6:50 -7:05 P.M. - RESOLUTIONS #3646,3647,3648, AND 3649 <br />Callahan asked and received no public comments regarding the resolutions. <br />Callahan moved, Jabbour seconded, to adopt Resolution #3646 adopting the Final 1995 <br />Tax Levy Collectible in 1996. Vote: Ayes 4, Nays 0. <br />Callahan moved, Hurr seconded, to adopt Resolution #3647 approving the 1996 General <br />Fund Budget. Vote: Ayes 4, Nays 0. <br />• Callahan moved, Jabbour seconded, to adopt Resolution #3649 adopting the 1996 <br />Special Revenue Funds Budgets. Vote: Ayes 4, brays 0. <br />Callahan moved, Goetten seconded, to adopt Resolution 93648 to approve the 1996 <br />Debt Service Budget. Vote: Ayes 4, Nays 0. <br />( #2) AWARD SALE OF BONDS - RESOLUTION #3650 <br />Finance Director Tom Kuehn handed out information regarding the bond sale to the <br />Council members. <br />Moorse outlined the bond sale to refund two bonds issues. Carolyn Drude of Ehlers <br />Associates was present and noted the excellent market for municipalities. The interest <br />rates are now down and currently reflect the second lowest rates with February of 1994 <br />being the low point. Drude commented that Moody Investments has maintained the <br />City's rating of AAL There were 14 bidders from several large cities around the country <br />with the best bid from Piner Jaffrav of a tnie rate of 4 115%, and a coiinon rate of 3 85- <br />4.15% on the bonds. <br />1 <br />