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ARDEN HILLS CITY COUNCIL – JUNE 25, 2018 5 <br /> <br />Associates has solicited proposals for the sale of the bonds and on June 25, 2018, bids will be <br />opened. She explained the City received a favorable bond bid which allowed the City to reduce <br />the bonding amount to $2,415,000. It was noted the low bid was received from Fifth Third <br />Securities out of Cincinnati, Ohio and came in with an interest rate of 2.53%. <br /> <br />MOTION: Councilmember McClung moved and Councilmember Holmes seconded a <br />motion to adopt Resolution 2018-045, Awarding the Sale of General <br />Obligation Utility Revenue Bonds, Series 2018A and Authorize the Finance <br />Director to make all necessary budget adjustments to account for the new <br />bonds. The motion carried (4-0). <br /> <br />12. COUNCIL COMMENTS <br /> <br />Councilmember McClung commended the City for achieving an AAA bond rating. He <br />discussed the hard work that has been completed by both the Council and City staff in order to <br />achieve this rating. <br /> <br />Councilmember Holmes explained there is a resident that lives by the Bethel University soccer <br />field that has expressed concern with the loud music coming from this space. She requested staff <br />contact Bethel regarding this concern. <br /> <br />Councilmember Holden stated she was very proud of the City’s new bond rating and <br />commended the Council and City staff for all of their efforts. <br /> <br />Mayor Grant presented staff with the plaque that was given to the City regarding the AAA bond <br />rating. He encouraged staff to display this plaque at City Hall and stated he was really proud of <br />staff and the City Council for their efforts. <br /> <br />Councilmember Holden requested staff complete a press/media release regarding this <br />achievement. <br /> <br />ADJOURN <br /> <br />MOTION: Councilmember McClung moved and Councilmember Holden seconded a <br />motion to adjourn. The motion carried unanimously (4-0). <br /> <br />Mayor Grant adjourned the Regular City Council Meeting at 7:53 p.m. <br /> <br />__________________________ __________________________ <br />Julie Hanson David Grant <br />City Clerk Mayor <br />