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=' v MINUTES OF THE <br />ORONO CITY COUNCIL MEETING <br />Monday, February 23, 2009 <br />.7:00 o'clock p.m. <br />ROLL <br />The Orono City Council met on the above - mentioned date with the following members present: Mayor <br />James White, Council Members James Murphy, Lili McMillan, Cynthia Bremer, and Doug Franchot. <br />Representing Staff were City Administrator William Wells, Finance Director Ron Olson, Assistant City <br />Administrator for Long -Term Strategy Mike Gaffron, City Engineer Tom•Kellogg, and Recorder Jackie <br />Young. <br />Mayor White called the meeting to order at 7:05 p.m., followed by the Pledge of Allegiance. <br />CONSENT AGENDA <br />Item Nos. 5 through 8, and 10 were added to the Consent Agenda. <br />Murphy moved, McMillan seconded, to approve the Consent Agenda as amended. VOTE: Ayes 5, <br />Nays 0. <br />APPROVAL OF MINUTES <br />*2. REGULAR COUNCIL MEETING OF FEBRUARY 9, 2009 <br />• Murphy moved, McMillan seconded, to approve the minutes of the February 9, 2009, City Council <br />meeting as submitted. VOTE: Ayes 5, Nays 0. <br />BOND SALE — 7:00 P.M. <br />3. SALE OF GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS — <br />RESOLUTION NO. 5821 <br />Olson pointed out that Staff's report has been amended to read $1,120,000 rather than 1,190,000 in <br />general obligation improvement refunding bonds. Olson reported the City's AAA bond rating has been <br />renewed. <br />Carolyn Drude, Ehlers & Associates, reviewed the bid tabulations received on the City's refunding bonds. <br />Drude noted that nine bids were received, with the best bid being submitted by Cronin & Company at <br />2.1094 percent, which reflects a discount for premium bonds and the amount of interest over the seven <br />years remaining on the bond issues. The other bids range from 2.1 to 2.8 percent. By accepting the <br />lowest bid, the savings to the City is $94,988.00 <br />Jonathan North, Ehlers & Associates, congratulated the City on the renewal of their AAA rating. North <br />stated in today's economy, very few AAA ratings are being given out, and that Orono received a perfect <br />score. <br />Bremer asked how many other cities of similar size in Minnesota have an AAA rating. <br />PAGE 1 of 6 <br />