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12-10-01
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City Council
City Council - Type
CC Min
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12/10/2001
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<br />.' <br /> <br />Minutes of the Special Citv Council Meeting of December 10, 2001 <br /> <br />Page Two <br /> <br />a.) Resolution Authorizing the Issuance of $1,765,000 Taxable General Obligation <br />Grant Anticipation Bonds and $6,470,000 Taxable General Obligation <br />Hydroelectric Revenue Refunding Bonds. <br />b.) Resolution Providing for the Competitive Negotiated Sale of $6,220,000 Taxable <br />General Obligation Hydroelectric Revenue Refunding Bonds, Series 2002A <br />c.) Resolution Providing for the Competitive Negotiated Sale of $1,765,000 Taxable <br />General Obligation Grant Anticipation Bonds, Series 2002 B <br /> <br />The Mayor and City Council discussed at length the terms of the bond sale, use of <br />proceeds and the potential receipt of funds the City has requested through the State of <br />Minnesota Capital Bonding Bill. The Mayor and City Council agreed that the two <br />Resolutions providing for the Bond sales must include language that makes it clear that <br />should additional revenues be received from the State of Minnesota through the capital <br />bonding bill, those funds must be used to retire the debt service on the bonds or accrue <br />additional income for additional payments to retire the debt service. <br /> <br />Moved by Councilmember Moratzka, seconded by Councilmember Yandrasits to <br />approve the "Resolution Authorizing the Issuance of $1 ,765,000 Taxable General <br />Obligation Grant Anticipation Bonds and $6,470,000 Taxable General Obligation <br />Hydroelectric Revenue Refunding Bonds." <br /> <br />Ayes: Moratzka, Yandrasits, Schultz, Hazlet, Werner, Riveness, Hicks. <br />Nays: None. <br /> <br />Moved by Councilmember Riveness, seconded by Councilmember Hazlet to <br />approve the "Resolution Providing for the Competitive Negotiated Sale of $6,220,00 <br />Taxable General Obligation Hydroelectric Revenue Refunding Bonds, Series 2002 A", <br />with the understanding that language will be included that makes it clear that should <br />additional revenues be received from the State of Minnesota through the capital bonding <br />bill, those funds must be used to retire the debt service on the bonds, or accrue <br />additional income for additional payments to retire the debt service. <br /> <br />Ayes: Riveness, Hazlet, Hicks, Moratzka, Schultz, Werner, Yandrasists. <br />Nays: None <br /> <br />2 <br /> <br />---_.."._---.....--_._.".._._.._',.~,._.- . <br />
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