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<br />Page 3 - June 27, 2006 New Brighton Council Minutes
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<br />Council Business
<br />. 1. Acceptance of the City's Comprehensive Annual Financial Report and
<br />Management Reports for fiscal year ending December 31, 2005.
<br />Report No. 06-138.
<br />
<br />Steven Wisclunann, representing Kern DeWenter Viere, gave an overview of the
<br />City's Comprehensive Annual Financial report, stating the overall the findings were
<br />favorable; internal controls were rated as very good, with minor adjustments
<br />suggested.
<br />
<br />Council Member Burg stated her appreciation for the thorough and
<br />reporting. The question was asked about availability of the
<br />Dan Maiers, Director of Finance stated that following City
<br />reports would be available on the City's web site.
<br />
<br />Motion by Council Member Bauman, seconded by CO~lI,~!IMember Hoffman to
<br />accept the Comprehensive Annual Financial Reportfq,rthe year endillgDecember
<br />31,2005, and the auditors' Management Letter and thei...i~~ports oll~pDtpliance
<br />with Government Auditing Standards and Legal CompUa~~e;,~ "
<br />
<br />4 Ayes - 0 Nays, Motion Carried
<br />.
<br />
<br />
<br />2.
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<br />conSiderati~~~~!~~lB~()n awardffig..tJ}d~e of$20,730,000 general
<br />obligation~:::Uicrementbc>nds, seri~s<~006a.
<br />ReportNp~:b6-139. Resollltion No. Q6...9P4.
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<br />Dan Maiers, Director of~ce, gave a brief history ()fPrior meetings relating to
<br />the bond sak:.Kc:ttl1Y AhoPrincipal with Springsted ga.ve an account of the bond
<br />rating, st:a.~;!~@i~!1lf,^,as rePOrt.ed as displaying conseIVative management,
<br />fman~~.,~1fOngand(l~Ble. Th@~ting of M3 is described as an excellent rating,
<br />secoI].~'flPtn the top. 5 bid~.were rec@iYx~ for the bonds; the lowest interest rate was
<br />receiveg:ffQm Piper Jaffrey, $etotal principle amount was reduced to $20,450,000.
<br />
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<br />Mr. Fulton statedfii~;~'pprecil1.1:i()n for the efforts of Dan Maiers in the Flnance
<br />Department in additioqJ:d?ll the other positive things occurring in other
<br />departments as well. .....
<br />
<br />.otion by Council Member Hoffman, seconded by Council Member Burg to waive
<br />the reading and adopt the resolution awarding the sale of $20,450.000 General
<br />Obligation Tax Increment Bonds Series 2006A to Piper Jaffrey,
<br />
<br />4 Ayes ~ 0 Nays, Motion Carried
<br />
<br />ouncil Business
<br />1. Acceptance of the
<br />City's Comprehensive
<br />Annual Financial Report
<br />and Management Reports
<br />for fiscal year encling
<br />December 31,2005.
<br />Report No. 06-138.
<br />
<br />2. Consideration of
<br />resolution awarding the
<br />sale of $20,730,000
<br />general obligation tax
<br />increment bonds, series
<br />2006a.
<br />ReJX>rt No. 06-139.
<br />Resolution No. 06-054
<br />
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