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<br />Page 3 - June 27,2006 New Brighton Council Minutes <br /> <br />uncil 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 /> <br />Steven Wischmann, 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 concise <br />reporting. The question was asked about availability of the reports to the public. <br />Dan Maiers, Director of Finance stated that following City Council approval the <br />reports would be available on the City's web site. <br /> <br />Motion by Council Member Bauman, seconded by Council Member Hoffman to <br />accept the Comprehensive Annual Financial Report for the year ending December <br />31,2005, and the auditors' Management Letter and their reports on Compliance <br />with Government Auditing Standards and Legal Compliance. <br /> <br />I Ayes - 0 Nays, Motion Carried <br /> <br />2. Considemtion of resolution awarding the sale of $20,730,000 general <br />obligation tax increment bonds, series 2006a. <br />Report No. 06-139. Resolution No. 06-054. <br /> <br />Dan Maiers, Director of Finance, gave a brief history of prior meetings relating to <br />the bond sale. Kathy Aho principal with Springsted gave an account of the bond <br />rating, stating the City was reported as displaying consexvative management, <br />fmancia11y strong and flexible. The rating of M3 is described as an excellent rating, <br />second from the top. 5 bids were received for the bonds; the lowest interest rate was <br />received from Piper Jaffrey, the total principle amonnt was reduced to $20,450,000. <br /> <br />Conncll Member Hoffman expressed her appreciation for Ms. Aha's sharing of <br />positive comments heard regarding City staff. <br /> <br />Mr. FUlton stated his appreciation for the efforts of Dan Maiers in the Finance <br />~ent in addition to all the other positive things occuning in other <br />. epartInents as well. <br /> <br /> <br />Motion 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 />, ~ ""'" _1'll".~v~, "~.ntion Carried <br /> <br />onneil Bn iness <br />1. Acceptance of the <br />City's Comprehensive <br />Annual Financial Report <br />and Management Reports <br />for fiscal year ending <br />December 31,2005. <br />Rep:nt No. 06-138. <br /> <br />2. Consideration of <br />resolution awarding the <br />sale of $20,730,000 <br />geneml obligation tax <br />increment lxmds, series <br />2006a. <br />Report No. 06-139. <br />Resolution No. 06-054 <br />