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ORONO CITY COUNCIL MEETING <br />MINUTES FOR NOVEMBER 13, 1995 <br />• ROLL <br />The Council met on the above date with the following members present: Mayor Edward <br />Callahan, Jr., Council Members J. Diann Goetten, Gabriel Jabbour, Charles Kelley, and <br />JoEllen Hurr. Representing Staff were City Administrator Ron Moorse, City Attorney <br />Tom Barrett, Building and Zoning Administrator Jeanne Mabusth, Assistant Planning and <br />Zoning Administrator Michael Canton, Public Works Director John tierhardson, City <br />Engineer Shawn Gustafson, and Recorder Sherry Frost. Mayor Callahan called the <br />meeting to order at 7:00 p.m. <br />( - #1) CONSENT AGENDA <br />Items #6, 8, 11, 12, 15, 16, and 17 were added to the Consent Agenda. <br />Hurr moved, Goetten seconded, to approve the Consent Agenda as amended. Vote: <br />Ayes 5, Nays 0. <br />( #2) REFUNDING OF '89 AND 185 BONDS - CALL FOR BOND SALE - <br />RESOLUTION #3628 <br />Moorse reported that the City has two bond issues that have reached, or will soon reach, <br />their call dates. This is the time when the City has an opportunity to refund those issues <br />• at a lower interest rate. The City has been working with Carolyn Drude of Ehlers <br />Associates, the City's bond consultant, to determine whether it would make sense to <br />refund at this time. It has been estimated that the sale would result in a savings of over <br />$120,000 in interest over the life of the bonds. <br />Goetten asked if there would be any premium involved. Drude said no premium would <br />be paid to the current bond holders. <br />Hurr moved, Jabbour seconded, to adopt Resolution 93628 calling for a refunding bond <br />sale on December 11, 1995. Vote: Ayes 5, Nays 0. <br />is <br />Callahan asked what interest rate could be obtained. Drude said the City would be <br />replacing interest rates of 6.25% to 8.25% with an estimated 4% to 4.8% interest for a <br />similar length of time. <br />Kelley asked if the bond was in one series. Drude said the resolution was in one series <br />for cost savings but would be separarated out later for bookkeeping purposes. The new <br />bonds would also have a call option. <br />1 <br />