01-11-2011 - Laserfiche WebLink

Home Browse Search

January 11, 2011 Page 5 of 6 municipalityrequires. Council were m agleeanent that tabling the item until the January 25" meeting would allow City Stafftimeto reach an agreement acceptable to both parties. Motion by Councilmember Phillips, seconded by Councilmember Bauman to table the item until January 25, 2011. 5 Ayes, 0 Nays - Motion Carried 3. Consideration of resolution awarding the sale of $2,165,000 General Obligation Bonds, Series 2011A. Report No. 11 -020. Resolution No. 11 -009. Finance Director Dan Maiers reported The proceeds from the 2011 A Bonds will be used to finance Improvement Projects, #10 -1, 2010 Street Reconstruction and #10 -3, Silver Lane Reconstruction, to refund the 2001B G.O. Tax Increment Bonds and to refund the 2003A G.O. Improvement and Water Revenue Bonds. The City of New Brighton received a AA Bond rating from Standard & Poors. Dave Calister, representing Ehlers reported 10 bids were received for the bond issues. The ratings were about 1/3% lower than a projected, a present value savings of $77,000. The low bidder was United Bankers Bank, Bloomington, MN. The closing date is scheduled for January 28, 2011. 'Motion By Councilmember Phi7tips, Seconded By Councilmember To Bauman To Adopt The Resolution Awarding The Sale Of $2.13 Million General Obligation Bonds, Series 2011a to United Bankers Bank Of Bloomington, MN. 5 Ayes, 0 Nays - Motion Carried 4. Consideration of resolution awarding the sale of $2,250,000 Taxable General Obligation Tax Increment Refunding Bonds, Series 2011B. Report No. 11- 021. Resolution No. 11 -010. Finance Director Dan Maiers reported the 2011 B Bonds will refinance the Taxable General Obligation Tax Increment Bonds, Series 2001 C to reduce interest costs. Dave Calister reported the ratings were lower than a projected, a present value savings of $197,000. The low bidder was United Bankers Bank, Bloomington, MN . The closing date is scheduled for January 28, 2011. Motion By Councilmember Burg, Seconded By Councilmember Samuelson To Adopt The Resolution Awarding The Sale Of $2,205,000 Taxable general Obligation Tax Increment Refunding Bonds, Series 2011b, Fixing Their Form And Specifications; Directing Their Execution And Delivery; And Providing For Their Payment. 5 Ayes, 0 Nays- Motion Carried 3. Consideration of resolution awarding the sale of $2,165,000 General Obligation Bonds, Series 201 IA. Report No. 11 -020. Resolution No. 11- 009 4. Consideration of resolution awarding the sale of $2,250,000 Taxable General Obligation Tax Incrernent Refunding Bonds, Series 2011 B. Report No. 11 -021. Resolution No. 11- 010.