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ARDEN HILLS CITY COUNCIL—JUNE 25, 2018 5 <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 /> 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 /> 12. COUNCIL COMMENTS <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 /> 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 /> 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 /> 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 /> Councilmember Holden requested staff complete a press/media release regarding this <br /> achievement. <br /> ADJOURN <br /> MOTION: Councilmember McClung moved and Councilmember Holden seconded a <br /> motion to adjourn. The motion carried unanimously (4-0). <br /> Mayor Grant adjo reed the Regular City Council Meeting at 7: p.m. <br /> c <br /> Ju Hanson David Grant <br /> Ci Clerk Mayor <br />