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MINUTES OF THE <br /> ORONO CITY COUNCIL MEETING <br /> Monday,February 13,2017 <br /> 7:00 o'clock p.m. <br /> Walsh stated he did reach out to some people who did know Mr.Reeder and that they felt he was very <br /> professional and knowledgeable. Walsh stated he would concur with the sentiment of the others on the <br /> Council. <br /> Seals,moved,Crosby seconded,to direct the City Attorney to negotiate terms of a contract with <br /> Doug Reeder. Vote: Ayes 5,Nays 0. <br /> 18. CLOSE FUND 317-2004 GO IMPROVEMENT REFUNDING BOND—RESOLUTION <br /> NO. 6723. <br /> Loftus stated this item,as well as Item No. 19, consists of closing a general obligation bond that has been <br /> paid off. The City is required by the state to collect 105 percent of the City's debt obligation so when a <br /> fund is closed out,there is a positive balance. Loftus stated that balance can be put toward the Pavement <br /> Management Fund or a different fund if the Council so chooses. <br /> Loftus noted the City was not able to close them out until the beginning of February but that there is the <br /> opportunity now to close out those funds and transfer the fund balance. Staff is recommending the <br /> balance be transferred to the Pavement Management Fund but the Council could consider another fund. <br /> Walsh noted the total is approximately$182,000 between the two and that he would recommend that the <br /> money be transferred to the Pavement Management Fund. <br /> Seals stated the Pavement Management Fund makes the most sense. Seals asked how long the money has <br /> been sitting there. <br /> Loftus indicated that the 2004 Bond had been paid off in 2013 and that the 2009 Bond had been paid off <br /> in 2016. <br /> Seals asked if there are any other funds that will be paid off in the near future. <br /> Loftus indicated there is not. <br /> Crosby moved,Dankey seconded,to adopt RESOLiTTION NO.6723,a Resolution to Close the <br /> 2004 General Obligation Refunding Bond Fund,and to transfer the equity to the Pavement <br /> Management Fund. VOTE: Ayes 5,Nays 0. <br /> 19. CLOSE FUND 320-2009 GO IMPROVEMENT REFUNDING BOND—RESOLUTION <br /> NO.6724. <br /> Crosby moved,Dankey seconded,to adopt RESOLiJTION NO.6724,a Resolution to Close the <br /> 2009 Generallon Obligation Refunding Bond Fund,and to transfer the equity to the Pavement <br /> Management Fund. VOTE: Ayes 5,Nays 0. <br /> *20. AUTHORIZATION FOR DISPOSAL OF WEAPONS <br /> Printup moved,Crosby seconded,to authorize the disposal of the weapons through Streicher's and <br /> Frontiersman as outlined in Police Chief Farniok's February 13,2017,memorandum,wit�the <br /> Page 17 of 18 <br />