03-10-2008 Council Minutes - Laserfiche WebLink

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1 MINUTES OF THE ORONO CITY COUNCIL MEETING Monday, March 10, 2008 7:00 o'clock p.m. • BOND SALE 5. CONSIDER THE AWARD OF THE SALE OF $4,500,000 GENERAL OBLIGATION STREET RECONSTRUCTION BONDS — RESOLUTION NO. 5730 Carolyn Drude of Ehlers Associates, the City's bond consultant, addressed the City Council regarding the sale of $4,500,000 general obligation street reconstruction bonds. Drude noted the City of Orono still retains its Aaa bond rating and that at the current time municipal bonds are in demand in spite of the weak stock market. The City received six bids on their bonds, with the winning.bid being from Stifel, Nicholaus & Co. at an interest rate of 3.6388 percent. The City Council briefly reviewed a spreadsheet detailing the City's debt levy White commented that the City of Orono has a number of roads scheduled for improvement in the coming years and that tonight's report is excellent news. Drude noted that Orono is one of four cities within the United States with a population under 10,000 that has a Aaa rating. Moorse commended Jonathan North and Drude, both of Ehlers, for their outstanding work performed on this sale. Murphy moved, Rahn seconded, to adopt RESOLUTION NO. 5730, a Resolution Awarding the • Sale of $4,500,000 General Obligation Street Reconstruction Bonds, Series 2008A, Fixing the Form and Specifications Thereof, Providing for Their Execution and Delivery, and Providing for their Payment. VOTE: Ayes 4, Nays 0. PLANNING COMMISSION COMMENTS — JON SCHWINGLER, REPRESENTATIVE Schwingler stated he had nothing to report but would be available for questions. LMCD REPORT Andrew McDermott, LMCD Representative, addressed the City Council concerning the public meeting recently held by the LMCD. A large number of people attended the public hearing in opposition to the proposed dock regulation changes by the LMCD and it was the general consensus of the LMCD Board that the proposed changes to the dock regulations should be revisited and revised by the committee. McDermott stated the LMCD also approved the expenditure of $10,000 per bay to help control the milfoil in addition to obtaining funds from the lakeshore owners. McDermott indicated he is unsure how the lakeshore owner fundraising efforts are going at the present time. White asked whether the LMCD has discussed the possibility of acquiring a smaller milfoil harvester. McDermott stated at this point, given the limited funds of the LMCD, it is unlikely that a smaller • harvester will be purchased. McDermott noted the chemical program, if the LMCD proceeds forward with that plan, would require a five -year commitment. PAGE 2 of 8