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MINUTES OF THE <br />ORONO CITY COUNCIL MEETING <br />Monday, November 28, 2005 <br />7:00 o'clock p.m. <br />(Sale of Public Project Revenue Bonds, Continued) <br />are revenue bonds and that Wells Fargo did pay a premium for the bonds and the City would not be <br />incurring any fees on the sale. <br />Ruff reported that Moody's Investors Services has rated the City of Orono as AAA for its general bond <br />obligations. Ruff stated there are only four communities in the United States with a population under <br />10,000 that have achieved a AAA rating, which is the highest bond rating that can be achieved by a city. <br />Ruff stated the AAA rating demonstrates that Moody's feels that the City of Orono is well run financially. <br />Ruff presented the City of Orono with a plaque acknowledging their AAA status. <br />Mayor Peterson thanked Tom Kuehn for his fine financial sei vices to the City over the years. <br />Peterson moved, White seconded, to adopt RESOLUTION NO. 5402, a Resolution approving the <br />sale of $1,900,000 Public Project Revenue Bonds, Series 2005, and authorizing the execution and <br />delivery of a Lease and Purchase Option Agreement and related documents. <br />VOTE: Ayes 5, Nays 0. <br />(The City Council meeting was recessed at 7:13 p.m. to convene the HRA meeting) 0 <br />(The City Council meeting was resumed at 7:16 p.m.) <br />PARK COMMISSION COMMENTS — RICK RICE, REPRESENTATIVE <br />Rick Rice, Representative, was not present. <br />PLANNING COMMISSION COMMENTS — RALPH KEMPF, REPRESENTATIVE <br />Kempf stated the Planning Commission was impressed with the progress made on the Willow Drive and <br />McKennon Hill projects by Bohland Development. Kempf praised the developer's ecological initiative <br />on those two developments, and encouraged the City Council to insure that the ecological steps being <br />taken on the projects are protected through the appropriate covenants. <br />U <br />PAGE 2 <br />