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MINUTES OF THE REGULAR ORONO CITY COUNCIL <br />MEETING HELD ON DECEMBER 11, 199.5 <br />( 92 Award Sale of Bonds - Continued) • <br />Drude reported that the original issue of the 1985 bond was at 8 -8.25% and the 1989 <br />bond was at 6.25 - 6.60 %. Projected savings were estimated at $158,000 for future value <br />with a present value of $139,000. Today's actual bid resulted in a savings of <br />$189,022.50, future value, with a present value of $168,000. Drude said it cost the City <br />$27,800 to obtain this savings, but the estimate had been $38,000. She noted that Piper <br />Jaffray did not take much of a discount. <br />Jabbour asked about call dates on the City facility bonds. Drude said she would check on <br />this. <br />Callahan said he was grateful for the service and excellent timing of the sale and voiced <br />his appreciation to both Drude and City Staff. <br />Drude said the resolution, drafted by Faegre Benson, establishes the fund for payment of <br />the bonds and the promise to pay back. <br />Callahan moved, Hurr seconded, to adopt Resolution #3650 awarding the sale of <br />$1,910,000 General Obligation Refunding Bonds of 1995 to Piper Jaffray, Inc., at the <br />price of $1,907,899.00, with a true interest rate of 4.115 %. Vote: Ayes 4, Nays 0. <br />( * #3) CONSENT AGENDA i <br />Items 916, 19, 24, 28, 29, and 30 were added to the Consent Agenda. <br />Jabbour moved, Goetten seconded, to approve the Consent Agenda as amended. Vote: <br />Ayes 4, Nays 0. <br />APPROVAL OF MINUTES <br />( * #4) REGULAR MEETING OF NOVEMBER 27, 1995 <br />Jabbour moved, Goetten seconded, to approve the Minutes of the Regular City Council <br />Meeting of November 27, 1995. Vote: Ayes 4, Nays 0. <br />( 45) TRUTH IN TAXATION HEARING OF NOVEMBER 29, 1995 <br />Jabbour moved, Goetten seconded, to approve the Minutes of the Truth In Taxation <br />Hearing of November 29, 1995. Vote: Ayes 4, Nays 0. <br />0 <br />2 <br />