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ORONO CITE' COUNCIL MEETING <br />MINTITFS FOR MARCH 23-199R <br />• ROLL <br />The Council met on the above mentioned date with the following members present: <br />Mavor Gabriel Jabbour, Council Members J. Diann Goetten, Barbara Peterson, and <br />Richard Flint, who arrived shortly after the meeting begun. Charles Kelley was absent. <br />Representing Staff were City Administrator Ron Moorse, City Attorney Tom Barrett, <br />Senior Planning Coordinator Michael Uatfcon, Planner /Zoning Administrator Elizabeth <br />Van Zomeren, Planning Assistant Brad Bressler, Public Services Director Greg Gappa, <br />City Engineer Glenn Cook, and Recorder Sherry Frost. Mayor Jabbour called the <br />meeting to order at 7:00 t).m. <br />(* #I) CONSENT AGENDA <br />Items 414, 20, 21, 23, 24, 27, 28, 29, 30, and 32 were added to the Consent Agenda. <br />Goetten moved, Peterson seconded, to approve the Consent Agenda as amended. Vote: <br />Ayes 3, Nays 0. <br />( #2) AUTHORIZATION OF THE EXECUTION AND DELIVERY OF A FIRST <br />AMENDMENT TO LEASE PURCHASE CONTRACT WITH THE HRA FOR <br />THE CITY FACILITIES - RESOLUTION NO. 4047 <br />• Moorse reported that the resolution would authorize the City to amend the lease <br />purchase contract with the HRA for the City facilities. Carolyn Drude was present to <br />provide the results of the bond sale which took place on this date. Moorse said the <br />Council will need to take action on the lease purchase agreement and adjourn to an HRA <br />meeting. <br />Jabbour informed the public that the City is attempting to take advantage of the current <br />low interest rates and refinance the City facilities. <br />Carolyn Drude presented the tabulation of the bids received. The best bid was from <br />Morgan Stanlev Dean Witter, Painewebber, Inc. and Everen Securities, Inc. These rates <br />will replace the rates shown for the years 2004 -2008 at 4. I0% to 4.5 %. The costs <br />include the discount rate similar to points for a true interest rate of 4.5362 %. Six bids <br />were received. Drude noted that the rates have fluctuated somewhat and recently came <br />back down. <br />Moody's Investors Service has given the City a Aa2 rating. The City has an Aa1 rating <br />for its general obligation bonds. When a lease revenue bond is done, it does not pledge <br />the City's general obligation. Drude noted that the Aa2 rating is higher than ratings <br />sienerallv seen on lease revenue bonds. <br />SDrude reviewed the schedules included in the information provided to Council. <br />1 <br />