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MINUTES OF THE <br />ORONO CITY COUNCIL MEETING <br />Monday, November 8, 2010 <br />7:00 o'clock p.m. . <br />(5. PUBLIC HEARING, 7.05 P.M., PROVIDE FOR SALE OF BONDS (STREET <br />RECONSTRUCTION PLAN), Continued) <br />Mayor White closed the public hearing at 7:21 p.m. <br />McMillan asked when the road would be completed. <br />Olson indicated the plan is that the road would be completed by 2012. Olson noted they are working with <br />the Metropolitan Council on the improvements. <br />Murphy noted the Metropolitan Council has expressed interest in doing some infrastructure work at the <br />same time, which will help offset some of the costs. <br />Bremer moved, Franchot seconded, to adopt RESOLUTION NO. 5987, a Resolution Providing for <br />Sale of Bonds. VOTE: Ayes 5, Nays 0. <br />6. SALE OF GENERAL OBLIGATION STREET RECONSTRUCTION, STATE -AID AND <br />CAPITAL IMPROVEMENT BONDS — RESOLUTION NO. 5988 <br />Olson stated this is a combination of the projects included in the first two public hearings along with the <br />Old Crystal Bay Road project. Funding for both of these projects will require the issuance of bonds and <br />will increase the overall debt level of the city by $3,200,000. In addition to these bonds, the City can <br />realize interest savings of $35,000 by refunding the 2004 fire hall/equipment bonds. The issuance of <br />capital improvements bonds will not increase the overall debt of the City. By combining all three bond <br />issues into a single larger sale, the City can reduce issuance costs and attract more buyers, which should <br />result in better interest rates. <br />Murphy noted he spoke with Mike Bash earlier today and was advised that the Orono School District has <br />found a way to fund the sidewalk on the west side of the road. <br />Murphy moved, McMillan seconded, to adopt RESOLUTION NO. 5988, a Resolution Providing for <br />the Sale of $1,500,000 General Obligation Street Reconstruction Bonds, Series 2010A; $1,700,000 <br />General Obligation State -Aid Bonds, Series 2010B; $1,275,000 General Obligation Capital <br />Improvement Bonds, Series 2010C. VOTE: Ayes 5, Nays 0. <br />• I <br />4 <br />PLANNING COMMISSION COMMENTS — DENISE LESKINEN, REPRESENTATIVE <br />Leskinen stated she had nothing to report but would be available for questions. <br />PUBLIC COMMENTS <br />None <br />Page 4 of 13 <br />