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<br /> ARDEN HILLS REGULAR CITY COUNCIL MEETING MINUTES <br /> SEPTEMBER 27, 2004 6 <br /> . <br /> Councilmember Holden stated keeping this school in the City was very important. <br /> MOTION: Councilmember Grant moved and Councilmember Holden seconded a <br /> motion to approve Resolution #04-54 as amended Advocating the Mounds <br /> View School District to Keep Valentine Hills Elementary School Open. <br /> The motion carried unanimously (5-0). <br /> 7. UNFINISHED BUSINESS <br /> A. Bid Opening and Final Approval Sale of Bonds <br /> Mr. Siddiqui stated on September 13, 2004, the Council authorized Ehlers & Associates to <br /> solicit proposals for the sale of$2,410,000 G.O. Tax Increment Refunding Bonds. This is <br /> refunding of the $3,100,000 in General Obligation Tax Increment Bonds, Series 1998A, issued <br /> originally in 1998. The bonds were issued for the purpose of financing and relocated 14th Street <br /> improvements and Round Lake RoadlHighway 96 intersection improvements in Tax Increment <br /> District No.2, <br /> Mr. Siddiqui stated Ehlers & Associates had solicited proposals for the sale of the bonds. He <br /> . stated Piper Jaffrey had come in with the lowest bid and that bid was being recommended for <br /> approvaL He further stated that this refunding would save the City approximately $130,000 in <br /> present value due to reduced interest rates. <br /> MOTION: Councilmember Grant moved and Councilmember Larson seconded a <br /> motion to accept bid proposal from Piper Jaffrey & Co. and adopt <br /> "Resolution Awarding the Sale of $2,395,000 General Obligation Tax <br /> Increment Refunding Bonds, Series 2004A; Fixing their Form and <br /> Specifications; Directing Their Execution and Delivery; and Providing for <br /> Their Payment. <br /> Councilmember Grant explained the purpose of the bond and how the City was saving money <br /> by accepting this bid from Pipe Jaffrey & Co. <br /> Shelly Elridge, Ehlers & Associates, stated this was a refinancing, She summarized the spread <br /> between the six bids received. <br /> The motion carried unanimously (5-0). <br /> B. Lexington Avenue Reconstruction Proieet <br /> . Jim Tolaas, P.E., Lexington Avenue Reconstruction Project Manager for Ramsey County <br /> Public Works, stated in fall, 2003, the Ramsey County Public Works Department informed the <br /> City that Lexington Avenue would be reconstructed in 2005, The section of Lexington Avenue <br /> that would be reconstructed was between Cummings Park Drive and Highway 96. The Ramsey <br />