President Carlsrud called the meeting to order at 12:00 PM.
Members present: Commissioner Magnuson, Commissioner Bishop, Commissioner Gulmon
Others Present: City Administrator Crawford, City Attorney Martineck, Finance Director Richter, Deputy Auditor Klein, Police Chief Hatcher, Mike Manstrom-Colliers
Pledge of Allegiance
Resolution
Approve Resolution 2286, a Resolution Authorizing the Issuance of Improvement Warrants and Exchanging them for $1,315,000. Refunding Improvement Bonds of 2021.
Mike Manstrom of Colliers stated the interest rates are low right now and it’s a good time to for some significant savings. We came in with a 1.19% interest rate for the next ten years, you’re currently at 3%, that’s a $95,000 future value savings. That was probably directly relating to the A1 rating which was reaffirmed by Moody’s. That’s a very good rating for a community of this size. Ohnstad-Twichell prepared the resolution today authorizing the sale as $1,315,000, we are paying off $1,275,000. The balance of $40,000 is cost of issuance, bond counsel feels and printing the registration of bonds.
Commissioner Gulmon moved to approve, seconded by Commissioner Bishop. Motion carried.
Adjourn
Meeting was adjourned at 12:06 PM.