HomeMy WebLinkAbout10/25/2004 Council Minutes STATE OF IOWA
Counties of Linn and Johnson Ss.
�NaA
FFiREAx 11Y GO 1tdCIL
i SO{At MEETIP&G
.MQIO,a r,.li 1t3o R A 0141 AT s:oa PM
t 5 S 11ldx.NDER�IP.T Sith TREET
t; rentaflve d40 RBI w pass€ble I, Joe Hladky, being duly sworn on oath, do state that I am
apt€min an
{ltlat1116 Fill'Itams the publisher of THE GAZETTE, a daily newspaper of
Rt�gy�€at rt+eettag.of the aX GrYY��oun�;
'�b€l�va5 held fiAohdaY Ooliober�S �06d tvfi iFefr�
talc€Ya.ialPald�rrlr�>t Ma�dt Umsspreslded. general Circulation In Linn and Johnson Counties, lowa.. The
CdWndfl fnembers prmsnnl Beer,SeolY Glcltr,
Wain yrrgPlr Absn#;�rledcn.:Others present. notice, a printed Copy of which is attached, was Inserted and
h##nct t t8tkth4er t arrY Burger.
BaernidvedtmapprmvePhea�enda secmnd publlished in THE GAZETTE newspaper in the issue(s) of
ad by Sri# RoIN ( rate F�ueeerf SCatiF
tick �?F�4,P'r °ia u esrt.�rle-.
n NsnW�9n carf�
The fv5avo r anq-hoed that Ntss wra. ripe time
antlpfaeetlxad ltieCoungf:YortheheVter=
aon of 3s�d�f 9Yse purchaso of tv'9
V..
t700OOd=.G nat t5bhgatrmn Sewer Owdye-
ment 1t7oYea� rre5`2004. Nov. 6 20 04
The Maurer ane[4uneed that sealed bids urere
�an�adltittPhecltan the thday The reasonable fee for publishing said notice is $ 31.06
of O tgber£ tT t and the followino seated bids
1- were rete,ved
Roan SeCUrtte5 De s Moines, tawa
-
f. Bankdrs` wank; PaSad€soft Wrscon�ln -
1 4 il8i
fVmrtht�Cid$acurifres 1wlrnneapolix Mtrinesm�.
Y to 4„1d24'9kP
t„#rr�r'�tmrOerr Soaer Pman't€al Inc, sfated
thcdt Updn ernrna'timh IY�s that mpinfort tPtal'
site bid 4t FCuan Sedurtrles o aroYlan grad Signed and sworn to before me on, Nov. '10 , 2004
hAETtraS r4nPaf was,rhe best ltd reCelWdt#a�d�6t,
r5#tsm•C4hePR"dliiMon That the tied fs i'evor$rsle ro
the clay°:and shauld be acce>sfea.Theretare,rte by Joe HIadky.
recornrrfended thin the Nof'es be awar..cled td
that titdder aG a viii a of$643;000,plus accrued
€nteresi trein5 at a netint ereSP rate df 460310. r
Affer'dui Con. R.- tiYFn<and discussion ,
WaNhw-r:iglrt 16frO UC.etl the.fo[1i in 12esot4
fion and!fr d4iif 4t#ooption,seconded by Beer.
Roll Cal_I viers Beer,scats
Glick,+Wain-:
virr Fff,
`"".M bone-Absent FrPeden 14here Notary ubliC in anti f the State of Iowa
upon €tie {mr-lactated fhe imllmwlnB duly'
adopied M-sola11Ta Na. 2004 33 entitled, "A
R1a5O lB#ffi3l# ,kWARDMG: 570000 Gr=w
ER :QB tar va.m SEWER IMPROtlE-
MENT. NVISS": P?assed aild approved this
25tPr day oi'O�tt+fter,2004. ;;
Scmff rrtmwed that fur9fler action,Ynth respect
to the avprovat of the Loan A9reerneot and fhe
rsaLCante-oi fhe hwlates be deterred until fhe next.
meeting oa Nou2rnber 4, T004 secasided Pay 'nt for above from _ } 20
41fxlnwrldYPt.Roll tlat1 vmPe.Axes Beer 5cdlt -•
GIto 1:, ala�arig#tP f4ays None �bsenl rra
danF haSotier carrt+d
rTr belflg' nm iWr,har`b(ISlness tl�ofmrm . GAZETTE COO` MUNICATIONS, INC.
CoWncf€.l rawer V ass adlmurn®d tfte m#�itnft al
ltFPk'v"OR BiIP'Woss
ATTEST Cmnaie;Frame
disclaa""mar:the 4ure0olnst,mi nut es are nmt Dips
cral 0116 r ed Dv Council.
By
1
e ® MY COMM"VOW"
PEORUARY is,2M
AGENDA
FAIRFAX CITY COUNCIL
SPECIAL MEETING
MONDAY,AY, OCTOBER 25, 2004 AT 6:00 PM
I+AIRFAX CITY HALL—X525 V'AN'ERBIC,T STREET
Tentative Agenda with possible action on the following items:
L Call to Order/Roll Call
2. Approval of Agenda
3. Special meeting was called for the consideration of bids for the purchase of
$700,000 General Obligation Sewer Improvement Notes
a. Consider Resolution awarding $700,000 General Obligation Sewer
lanprovement Cotes
4. Discussion
a. Opportunity for citizens not on agenda
5. Adjournment
i
Fairfax/419915-7/2nd%Sale
RESOLUTION NO.
Awarding $700,000 General.Obligation Sewer Improvement Notes
WHEREAS, pursuant to the provisions of Section 384.24A of the Code of Iowa, the City
of Fairfax, in the County of Linn, State of Iowa (hereinafter referred to as the "City") has
heretofore proposed to contract indebtedness and enter into a loan agreement (the "Loan
Agreement") in the principal amount of $700,000, for the purpose of paying the cost, to that
extent, of constructing a new wastewater treatment lagoon, and has published notice of the
proposed action and has held a hearing thereon; and
WHEREAS, pursuant to advertisement of sale, bids for the purchase of$700,000 General
Obligation Sewer Improvement Notes (the "Notes") to be issued in evidence of the City's
obligation under the Loan Agreement were received and canvassed on behalf of the City and the
substance of such bids noted in the minutes; and
WHEI�AS, upon final consideration of all bids, the bid of
Ej n Q ' i C I€ (the "Lender
is the best, such bid proposing the lowest interest cost to the City;
NOW, THEREFORE, Be It Resolved by the City Council of the City of Fairfax, Iowa, as
follows.
Section 1. The City shall enter into the Loan. Agreement with the Lender, in
substantially the form as will be placed on file with the Council, providing fora loan to the City
in the principal amount of$700,000 for the purpose or purposes set forth in the preamble hereof.
The Mayor and City Clerk are hereby authorized and directed to sign the Loan
Agreement on behalf of the City, and the Loan Agreement is hereby approved.
Section 2. The bid of the Lender referred to in the preamble is hereby accepted, and
the Notes are hereby awarded to the Lender at the price specified in such bid, together with
accrued interest.
Section 3, The form of agreement of sale (the "Sale Agreement") of the Notes to the
Lender is hereby approved, and the Mayor and City Clerk are hereby authorized to execute the
Sale Agreement for and on behalf of the City,
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Faft ffax/119915-7/2nd'/:Sale
Section 4. All resolutions or parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Passed and approved October 25, 2004.
Mayor
Attest_
City Clerk
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1DORSEY&e WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax/419915-7/2nd'A Sale
MINUTES TO SELL NOTES
419915-7 (2nd % Sale)
Fairfax, Iowa
October 25, 2004
The City Council of the City of Fairfax, Iowa, met on October 25, 2004, at 6:00 o'clock
p.m., at the City Hall, Fairfax,Iowa.
The meedng was called to order by the Mayor, and the roll was called showing the
following Council Members present and absent:
1 ,
:Present:
Absent:
This being the time and place fixed by the Council for the consideration of bids for the
purchase of the City's $700,000 General Obligation Sewer Improvement Notes, the Mayor
announced that bids had been received and canvassed on behalf of the City at the time and place.
fixed therefor.
Whereupon, such bids were placed on file, and the substance of such bids was noted in
the minutes, as follows:
Name and Address of Bidder Final Bid
(interest crest)
(ATTACH BID TABULATION)
IDORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairfax/419915-7/2nd V:Sale
After due consideration and discussion, Council Merriber
introduced their solution next hereinafter set out and moved its adoption, seconded bk- ouncil
Member
�� The Mayor put the question upon the adoption of said
resolution, and the roll being called,the following Council Members voted:
Ayes: Z C_
Nays: �? bsen �L Fr t' i-1
Whereupon, the Mayor declared the resolution duly adopted as hereinafter set out.
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Y
November 22, 2004
Connie Frame
City Clerk
City Hall
525 Vanderbilt St.
P.O. Box 337
Faiirfax, Iowa 52228-0337
Re: $700,000 General Obligation Sewer Improvement .Notes
Our File No. 419915-7
Dean Connie:
We have prepared and enclose three copies of the Final Delivery Certificate covering the
General Obligation Sewer Improvement Notes scheduled for closing on December 1, 2004.
Please take the following actions with respect to this certificate:
1. Review the facts contained in the certificate and advise us of any inaccuracies,
particularly if you anticipate any problem in spending the proceeds of the Notes within the time
limits outlined.
2. Have this certificate signed and sealed as indicated and return two fully executed
copies to our office as soon as possible.
Federal law requires that a special form be submitted in order to preserve the tax-exempt
status.of the-interest earnings on the Notes. Please sign the enclosed IRS 8038G form and return.
it to us so that we can file it with the Internal Revenue Service. We will complete the form at the
time of closing, file it with the IRS and send a completed copy to you for the City's records.
DORSEY & WHffNEY LLP • ATTORNEYS AT LAW • WWW.DORSEY.COM • T 515.283.1000
F 515.2811050 ° 801 GRAND - SUETE 3900 DES MOINES. IOWA 50309-2700
y�A CAfVA.D.4 EUROPE AS--4A
I
Page 2
If you have any questions,please call zee.
-�,Very truly yours,
,Rooert E. Jose
i
REJ:ef
1
Fairfax/419915-7/FDC".Pic L,tr
Enclosures
cc: Larry Burger
Fairfax/419915-7/FDC&Ltr `
r -
419915-7 FDC G.O.
We, the undersigned Mayor and City Clerk, of the City of Fairfax, in Linn County, Iowa
(the"City„), do hereby certify that we are now and were at the time of the execution of the City's
$700,000 General Obligation Sewer Improvement Notes, dated.December 1, 2004 (the "Notes"),
the officers respectively above indicated; and that in pursuance of Chapter 384 of the Code of
Iowa, a resolution adopted by the City Council on November 9,, 2004 (the "Resolution"), and a
loan agreement dated as of December 1, 2004 (the "Loan Agreement"), by and between the City
and Ruan Securities Corporation, Des Moines, Iowa (the "Lender"), the Notes have been
heretofore lawfully authorized and this day by us lawfully issued and delivered to the Lender and
pursuant to the Loan Agreement, the City has received $693,000, receipt of which is hereby
acknowledged, which amount represents the principal amount of the Notes ($7003000), minus
underwriter's discount ($7,000). The Notes mature on June 1 in each of the years, in the
respective principal amounts and bear interest payable semiannually, commencing December 1,
2005, at the respective rates, as follows:
Principal Interest Rate Principal Interest Rate
Year Amount Per Annum Year Amount Per Annurn
2006 $20,000 2.15% 2014 $50,000 3.70%
2007 $40,000 2.40% 2015 $50,000 3.85%
2008 $40,000 2.65% 2016 $55,000 4.00%
2009 $40,000 2.8$%s 2017 $55,000 4.15%
2010 $40,000 3.05% 2018 $55,000 4.30%
2011 $45,000 3.25% 2019 $60,000 4.40%
2012 $45,000 3.40% 2020 $60,000 4.50%
2013 $45,000 3.55%
Each of the Notes has been executed with the facsimile signatures of the aforesaid
officers, with a facsimile of the official seal of the City imprinted thereon; and the City has
authorized and directed that the Notes be authenticated by Bankers Trust Company, N.A., Des
Moines, lowa (the "Registrar"), as the Registrar and Paying Agent, and registered in the names
of the owners on the City's registration records maintained by the Registrar.
We further certify that the Notes are being issued to evidence the City's obligation under
the Loan Agreement entered into by the City for the purpose of paying the cost, to that extent, of
constructing a new wastewater treatment lagoon(the"Project")..
We further certify that no controversy or litigation is pending, prayed or threatened
involving the incorporation, organization, existence or boundaries of the City, or the titles of the
aforesaid officers to their respective positions, or the validity of the Notes,or the power and duty
of the City to provide and apply adequate taxes for the full and prompt payment of the principal
of and interest on the Notes, and that none of the proceedings incident to the authorization and
issuance of the Notes has been repealed or rescinded.
-I
DORSEY'&W HITNEY LLP,ATTORNEYS,DES MOINES,IOWA
F'airfaV419915-7/FDC&Ltr
i
We further certify that no appeal of the decision of the City Council to enter into the
Loan.Agreement or to issue the Notes has been taken to the district court. �
I
We further certify that all meetings held in convection with the Notes were open to the
public at a place reasonably accessible to the public and that notice was given at least 24 hours
prior to the commencement of all meetings by advising the news media who requested notice of
the time, date, place and the tentative agenda and by posting such notice and agenda at the City
Hall or principal office of the City on a bulletin board or other prominent place which is easily
accessible to the public and is the place designated for the purpose of posting notices of
meetings.
We further certify as follows:
1. The Total Project Costs are estimated to be at least$700,000.
2. The net sales proceeds of the Notes are $700,000, (the "Net Sales Proceeds'), the
same being the Issue Price thereof.
3. The Net Sales Proceeds, including investment earnings thereon, will be invested
by the City without restriction as to yield for a period not to exceed three years from the date
hereof(the "Three Year Temporary Period"),the following three tests being reasonably expected
to be satisfied by the City:
(a) Tim=TestTest: The City has entered into or, within six months' of the
date hereof,will enter into binding contracts for the Project with third parties (e,g.
engineers or contractors):
(i) which are not subject to contingencies directly or
indirectly within.the City's control;
(ii) which provide for the payment by the City to such
third parties of an amount equal to at least 5% of the Net Sales
Proceeds;
(b) Expenditure fiesta At least 85% of Net Sales Proceeds will, be
applied to the payment of Total Project Costs within the Three Year Temporary
Period; and
(c) Due Diligence Test: Acquisition and construction of the Project to
completion and application of the Net Sales Proceeds to the payment of Total
Project Costs will proceed with due diligence.
4. The Notes are payable from ad valorem taxes levied against all taxable property
within the City which will be collected in a Debt Service Fund and applied to the payment of
interest on the Notes on each June 1 and December 1 and principal of the Notes on each Tune 1
(the 12-month period ending on each June I being herein referred to as a"Bond,Year");the Debt
Service Fund is used primarily to achieve a proper matching of taxes with principal and interest
payments within each Bond Year; the Debt Service Fund will be depleted at least once each
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Fairrax/419915-7 1FDC&Ltr
Bond Year except for a reasonable carryover amount not to exceed the greater of(i)the earnings
on the fund for the immediately preceding Bond "Year; or (ii) 1/12 of the principal and interest
payments on the Notes for the immediately preceding Pond Fear; mounts on deposit in the
Debt Service Fund will be invested by the City without restriction as to yield for a period of 13
months after their date of deposit.
5. The City Council adopted a resolution declaring its official intent to acquire and
construct the Project and finance the same with Notes or other obligations (the "Intent
Resolution"); none of the Total Project Costs to be paid for from the Net Sales Proceeds are for
expenditures shade more than 60 days prior to the date of adoption of the Intent Resolution,
except for (i) costs of issuance of the Notes; (ii)costs aggregating an amount not in excess of the
lesser of $100,000 or % of the Net Sales Proceeds; (iii) costs for prelal unary expenditures
(including architectural, engineering, surveying, soil testing, and similar costs incurred prior to
commencement of acquisition or construction of the Project, other than land acquisition, site
preparation and similar costs) not in excess of 20% of the Issue Price of the Notes; the City will
allocate Net Sales Proceeds to reimbursement of such expenditures no later than 3 years after the
later of(i)the date any such expenditure was originally paid or(ii)the date the Project is placed
in service (or abandoned); and such allocations will be made by the City in writing.
4. Not more than 5010 of the Net Sales Proceeds will be invested in nonpurpose
investments (as defined in Section 148(f)(6)(A) of the Internal Revenue Code of 1986, as
amended (the "Code")) having a substantially guaranteed yield for four years or more (e.g., a
four-year guaranteed investment contract or a Treasury Obligation that does not mature for four
years).
7. The weighted average maturity of the Notes does not exceed the reasonably
expected economic life of the Project.
8.. To our best knowledge and belief, there are no facts, estimates or circumstances
which would materially change the foregoing conclusions.
On the basis of the foregoing, it is not expected that the Net Sales Proceeds will be used
in a manner that would cause the Notes to be "arbitrage bonds" under Section 148 of the Code
and the regulations prescribed under that section. The City has not been notified of any listing or
proposed listing of it by the Internal Revenue Service as a bond issuer whose arbitrage
certifications may not be relied upon.
We further certify that the Lender has advised the City that the reasonably expected
reoffering price of the Notes to the public is $700,000.
We further certify that the City does not currently have outstanding tax exempt
obligations issued during the current calendar year, including the Dotes, equal to or in excess of
$5,000,000, nor will the City issue additional tax exempt obligations during the current calendar
year which, when added to the City's current tax exempt obligations issued during the current
calendar year, including the Notes, would be equal to or in excess of$5,000,000.
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DORSEY&WMTNEY LLP,ATTORNEYS,DES MOINES,IOWA
F air£ax/419915-7/FDC&Ur
We further certify that due provision has been Made for the collection of taxes sufficient
to pay the principal of and interest on the Notes When due. All,payments coaling due before the �
collection of any such tares Will be paid promptly When due from legally available funds.
IN WITNESS WHE REOF, We have hereunto affixed our hands and the seal of the I
aforementioned City, as of December 1,2044.
CITE OF FAIRFAX, IOWA
lay w
Mayor
Attest:
City Clerk
(Seal)
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
419915-7 Notes
Form 8038-G Information Return for Tax-Exempt Governmental Obligations
(Rev.November 2000) Do- Under Internal Revenue Code section 149(e) OMB No.'1545-0720
lll� See separate Instructions.
Department of the Treasury
lntemal Revenue Service Caution.,If the issue price is under$100,000, use Form 8038-GC.
aportinq Authorq If Amended Return, check here OPP- ❑
1 Issuer's name 2 issuer's employer identification number
— City of Fairfax 42 : 0959452
3 Number and street(or P.O. box if mail is not delivered to street address) Room/suite 4 Report number
525 Vanderbilt Street 2004-1
5 City,town,or post office,state,and ZIP code 6 Date of issue
— Fairfax, Iowa 52228-0337 December 1,2004
7 Name of issue 8 CUSIP number
General Obligation Sewer Improvement Notes 303898-CG3
9 Name and title of officer or legal representative whom the IPS may call for more information Telephone number of officer or legal representative
Dorsey&Whitney LLP, Des Moines,Iowa Bond Counsel 15 )283-1000
enter the issue price) See instructions and attach schedule_
11 El Education . . . . 11
12 ❑ Health and hospital . . . . . . . . . . . . . . 12
13 ❑ Transportation . . . . . . . . . . . . . . . . . . 13
14 �El Public safety. . . . . . . . . . . . . . . . . . . . . .. . .. . . 14
15 ❑ Environment(including sewage bonds) . . . . . . . .
16 ❑ Housing . . . . . . . . . . . . . . . . 16
17 ❑ Utilities . . . . . . . . . . . . . . . . 17
18 R Other. Describe lit-, constructing a new wastewater treaime'rit'lagoon . . . . . . . . 1 j8jj$7j0(0j),0110
19 If obligations are TANS or RANs, check box ► ❑ If obligations are BANS, check box 1110-
❑
20 If obligations are in the form of a lease or installment sale, check box . . . • . . 0- El
Descri tion mf Obliqations. Corry fete for the entire issue for which this form is bei q riled.
(a)Final maturity date (b)Issue price W Stated redemption (d)Weighted M. price at.maturity average maturity—_ le)Yield
21 6-1-2020 $ 700,000 700,000 years %
• Uses of Proceeds of Bond Issue (incluclin_q.underwriters' discount
22 Proceeds used for accrued interest : . . . . . . . . .. . . . .
23 Issue price of entire issue (enter amount from line 21, column(b)) 700,0100
24 Proceeds used for bond issuance costs Cincluding underwriters'discount) 24 7,000
25 Proceeds used for credit enhancement . . . . . . . . . . . . 25
26 Proceeds allocated to reasonably required reserve or replacement fund 26
27 Proceeds used to currently refund prior issues . . . . . . . • . 27
28 Proceeds used to advance refund prior issues . . . . . . . . . 28
29 Total (add lines 24 through 28) . y_, 29 7,000
30 Nonrefunding proceeds of the issue subtract line 29 from line 23 and enter amount fiere).` . 30 693,000
CM]a Description of Refunded Bonds (Complete this part one for refunding bonds.)
31 Enter the remaining weighted average maturity of the bonds to be currently refunded b- ______Lears
32 Enter the remaining weighted average.maturity of the bonds to be advance refunded IN* ---Years
33 Enter the last date on which the refunded bonds will be 'called . . . . . . . . . . .
34 Enter the dates) the refunded bonds were issued 00-
Miscellaneous
35 Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) 35
36a Enter the amount of gross proceeds invested or to be invested in a guaranteed investment contract(see instructions) 36a
b Enter the final maturity date of the guaranteed investment contract 0, WIR
37 Pooled financings: a Proceeds of this issue that are to be used to make loans to other governmental units 37a
b If this issue is a loan made from the proceeds of another tax-exempt issue, check box ► ❑ and enter the name of the
issuer® and the date of the issue 10
38 If the issuer has designated the issue under section 265(b)(3)(13)(i)(111) (small issuer exception), check box . . . 0- 2
39 If the issuer has elected to pay a penalty in lieu of arbitrage rebate, check box . .. . . . . . . . . . 10. 1:1
40 If the issuer has Identified a hedge,check box . . .. . . . ► ❑
Under penalties of pedury,I declare that I have examined this return and accompanying schedules and statements,and to the best of my knowledge
and belief,they are true,correct,and complete.
Sign'
Here 026
PY01- 4_Aj/__ D2cember 1, 2004 Connie Frame,City Clark--:-
-Signature of issuer's authorizedrepras by Date �'Type or print name and title
For Paperwork Reduction Act Notice, see page 2 of the Instructions. Cat No.637735 Form 8038-G (Rev.ii-2coo)
AGENDA
FAIRFAX CITY COUNCIL
SPECIAL MEETING
MONDAY, OCTOBER 25, 2004 AT 6:00 PM
FAIRFAX CITY HALL—525 VANDERBILT STREET
Tentative Agenda with possible action on the following items: E
i
A special meeting of the Fairfax City Council was held Monday, October 25, 2004 at
Fairfax City Hall at 6:00 PM. Mayor Voss presided. Council members present: Beer,
Scott, Glick, Wainwright. Absent: Frieden. Others present: Nancy Flickinger, Larry
Burger.
Beer moved to approve the agenda, seconded by Scott. Roll call vote: Ayes: Been,
Scott, Glick, Wainwright. Nays: None. Absent: Frieden. Motion carried.
The Mayor announced that this was the time and place fixed by the Council for the
consideration of bids for the purchase of the City's $700,000 General Obligation Sewer
Improvement Notes, Series 2004.
The Mayor announced that sealed bids were canvassed on behalf of the City on the 25th
day of October, 2004, and the following sealed bids were received:
Ruan Securities,Des Moines, Iowa—4.0310%
Bankers' Bank, Madison, Wisconsin—4.1181%
Northland Securities,Minneapolis, Minnesota—4.1424%
Larry Burger, Speer Financial, Inc., stated that upon examination, it is their opinion that
the bid of Ruan Securities Corporation, Des Moines, Iowa, was the best bid received and
it is also their opinion that the bid is favorable to the City and should be accepted.
Therefore, he recommended that the Notes be awarded to that bidder, at a price of
$693,000,plus accrued interest, being at a net interest rate of 4.0310%.
After due consideration and discussion, Wainwright introduced the following
Resolution and moved its adoption, seconded by Beer. Roll call vote: Ayes: Beer, Scott,
Glick, Wainwright. Nays: None. Absent: Frieden. Whereupon, the Mayor declared the
following duly adopted: Resolution No. 2004-33 entitled, "A RESOLUTION
AWARDING $700,000 GENERAL OBIGATION SEWER IMPROVEMENT
NOTES". Passed and approved this 25th day of October,2004.
Scott moved that further action with respect to the approval of the Loan Agreement and
the issuance of the :Notes be deferred until the next meeting on November 9, 2004,
seconded. by Wainwright. Roll call. vote: Ayes: Beer, Scott, Glick, Wainwright. Nays:
None. Absent: Frieden. Motion carried.
There being no further business before Council, Mayor Voss adjourned the meeting at
6:22 PM.
MAYOR: Bill Voss
ATTEST: Connie Frame
Disclaimer: The foregoing minutes are not official until approved by Council.