Laserfiche WebLink
10 <br />MINUTES OF THE <br />ORONO CITY COUNCIL MEETING <br />Tuesday, May 27, 2003 <br />• 7:00 o'clock p.m. <br />PUBLIC COMMENTS <br />There were none. <br />RECOGNITION <br />*5. ORONO "SPIRIT OF COMMUNITY" AWARD — RECOGNITION OF SCHOLARSHIP <br />RECIPIENTS <br />Mayor Peterson congratulated two Orono residents with the Spirit of Community scholarship awards and <br />asked them to tell the Council about their future plans. <br />Dane McFarlane, Orono resident and Mound student, stated that he had been taking college level courses <br />at the University of Minnesota during his junior and senior years of high school and thanked the Council <br />for presenting him with this great opportunity to further his studies in the fall at the University in <br />Electrical Engineering. When asked how many college credits he had accumulated thus far, Dane replied <br />that he would be virtually entering college as a sophomore with 36 credits. <br />Krista Carlson Parupsky, a senior at Orono High School, recently joined the National Honors Society and <br />competed for DECA at the Nationals. She planned to pursue business at Arizona State. <br />White indicated that he had known Krista's family for years and that he believed her family embodied the <br />• spirit of the award and of Orono. <br />• <br />*25. CONSIDER EXECUTION OF A GROUND LEASE AND A LEASE/PURCHASE <br />AGREEMENT RELATING TO THE ISSUANCE BY THE ORONO HRA OF ITS PUBLIC <br />FACILITY REVENUE BONDS — RESOLUTION NO. 4987 <br />Sansevere moved, White seconded, to Adopt RESOLUTION NO. 4987, a Resolution setting out the <br />City's agreement to enter into a ground lease /purchase agreement with the HRA to finance the <br />construction of the Navarre Fire Station. VOTE: Ayes 5, Nays 0. <br />The City's Bond Consultant, Caroline Drude, presented the results of the bond sale, noting that Harris <br />Trust and Savings in Chicago provided the best bid at 2.97 %. She indicated that the projected interest of <br />$596,140 over the life of the bonds, was over $300,000 less than originally planned. To the credit of <br />Orono, its bond ratings is very good, as Moody renewed its AAl rating, just under the highest possible <br />AAA rating. She was very positive and stated that it was a great time to sell bonds if the City had a <br />project ready to move on, as in this scenario. <br />Murphy stated that he continued to be amazed at what Orono has been able to achieve, he credited <br />Administrator Moorse, and in -house staff, for achieving this excellent rating and keeping the City's <br />`house in order'. <br />PAGE 3 of 11 <br />