City Council Minutes November 8, 2006
November 8, 2006
No. 11
Mayor Franker called the special session to order at 7:00 p.m.
Council members present: Bahl, Kuhl, Moody, Salm, and Wozniak.
Also present: Brian James, Tracey Mulcahey, Andy Kromphardt, and Tionna Pooler.
Agenda. Moody moved, Kuhl seconded to approve the agenda. The vote was: ayes – Kuhl, Bahl, Wozniak, Moody, Salm; nays – none. Motion carried.
General Obligation Bonds. Tionna Pooler from Public Financial Management provided information regarding the bond sales. The General Obligation bonds were sold for $570,000 for funding the purchase of the pumper/tanker firetruck, additional fire equipment, and playground equipment for Deerfield Park. Five bids were received for the bonds as follows with the true interest rate:
1. UMB Bank, n.a. (in cooperation with Hills Bank and Trust) 3.8417%
2. M & I Bank 3.8510%
3. Ruan Securities 4.0288%
4. Bankers Bank 4.0340%
5. Northland Securities 4.0474%
The City has a Moody’s bond rating of A3 for this sale.
Bahl moved, Moody seconded to approve Resolution Number 06-215, A Resolution approving a Loan Agreement and providing for the sale and issuance of $570,000 General Obligation Corporate Purpose Bonds, Series 2006C, and providing for the levy of taxes to pay the same with UMB Bank n.a. The vote was: ayes—Salm, Moody, Wozniak, Bahl, Kuhl; nays – none. Motion carried.
Water Revenue Bonds. Tionna Pooler, PFM, presented details of the bond sale for $1,670,000 in water revenue bonds for funding the construction of the new 1,000,000 gallon water tower. Three bids were received for the bonds as follows with the true interest rate:
1. Harris N.A. 4.5248%
2. Bernardi Securities 4.5397%
3. Northland Securities 4.6250%
Bahl moved, Moody seconded to approve Resolution Number 06-216, A Resolution approving a. Loan Agreement and providing for the sale and issuance of $1,670,000 Water Revenue Bonds. After discussion, the vote was: ayes – Wozniak, Moody, Kuhl, Bahl, Salm; nays – none. Motion carried.
Adjournment. Kuhl moved, Moody seconded to adjourn the meeting at 7:10 pm. All ayes. Motion carried.
Meeting adjourned.
