09-11-1989 Council Minutes - Laserfiche WebLink

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• • MINUTES OF THE REGULAR ORONO COUNCIL MEETING HELD SEPTEMBER 11, 1989 ATTENDANCE 7:00 P.M. The Council met on the above date with the following members present: Mayor Grabek, Councilmembers Goetten, Nettles, Peterson and Callahan. The following represented the City staff: City Administrator Bernhardson, Finance Director Kuehn, Building & Zoning Administrator Mabusth, Assistant Planning and Zoning Administrator Gaffron, City Engineer Cook, City Attorney Barrett, and City Recorder Scheffler. SALE OF BONDS RESOLUTION #2691 The Affidavit of Publication and Certificate of Mailing were duly noted. City Administrator Bernhardson said that the City wished to award the bid for the sale of $2,300,000 of Water and Sewer Revenue Bonds for future improvements to Highway 12. Bernhardson noted that the City had been upgraded from a Aa bond rating to Aal- This puts the City of Orono in the same classification as the Cities of Edina, St. Louis Park, and Fridley and the Edina School District. The only rating above Aal is Aaa, which is held by Hennepin County, Ramsey County and the Cities of Minneapolis and Rochester. Mayor Grabek asked what the City of Orono had done to achieve such an excellent rating? Ms. Carolyn Drude of Ehlers & Associates, replied that it was a combination of the financial health of Orono, the planning that has been done in the past, and the economic factors of the City as a whole. Ms. Drude noted that Moody's had not given any other City the size of Orono an Aal rating. Drude added that the efforts of the City staff were also responsible for the Aal rating as was the way in which the City Council acted as a body. Mayor Grabek complimented the Council and City Staff for a job well done. Bernhardson added that Carolyn Drude was also deserving of recognition for her assistance in working with the City, as was Tom Kuehn, Finance Director, in light of his effective method of financial reporting. Ms. Drude called the Council's attention to the coupon rates and how competitive they were with one another and with the market. It was moved by Mayor Grabek, seconded by Councilmember • Goetten, to adopt Resolution #2691 awarding the bid to Dean Witter Reynolds, Inc., Prudential -Bache Capital Funding, Shearson Lehman Hutton, Inc., Smith Barney, Harris Upham & Company, Inc., at a bid price of $2,283,070.00, for the issuance of $2.3 million in bonds, at a net interest cost of 6.5101 %. Motion, Ayes =5, 1