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City of Centerville <br />Council Meeting Minutes <br />February 23, 2011 <br />4. MN Dept. of Health 2011 Community Fluoridation Grant Award Contract <br />5. P & R’s Recommendation to Allow the Centennial Little League’s Use of Ball Fields & <br />Facilities @ Laurie LaMotte Memorial Park April-August, 2011 <br />6.P & R’s Recommendation to Divert $1,500 in Budgeted Funds to P & R Alternative Programs <br /> <br />Rather Than YMCA Park Playdays <br /> <br /> <br /> Council Member Love requested that Item #6 be pulled for further discussion. <br /> <br />Motion by Council Member Love, seconded by Council Member Paar to approve the Consent <br />Agenda, items 1-5. All in favor. Motion carried unanimously. <br /> <br />Council Member Love requested additional information regarding Parks & Rec.’s decision to utilize the <br />budget funds for other uses and what they may be. City Administrator stated that Parks & Rec. felt <br />Centerville residents would be better served with programs such as Music or Movies in the Parks, and <br />the 8K Walk/Run rather than the YMCA Park Playdays. <br /> <br />Motion by Council Member Fehrenbacher, seconded by Council Member Paar to approve Park & <br />Rec.’s recommendation to reallocate $1,500 from the budgeted YMCA Park Playdays line item to <br />allow its usage for Centerville specific programs such as Music or Movies in the Parks and the 8K <br />Walk/Run. All in favor. Motion carried unanimously. <br /> <br />VI. AWARDS/PRESENTATIONS/APPEARANCES <br /> <br /> <br />1.Mr. George Eilertson, Northland Securities - Finance Plan Summary for Refunding General <br />Obligation Bond, Series 2011. <br /> <br />Mr. Eilertson introduced himself and reviewed with Council the presented plan. <br /> <br />City Administrator Larson stated that upon staff’s request, Mr. Eilertson has informed them of the <br />opportunity to decrease current interest rates from approximately 4% to 2% on (2) two existing bonds <br />(2004 & 2007 Bonds) and that the City could potentially save about $200,000 by taking the proposed <br />steps. <br /> <br />NEW BUSINESS <br /> <br />Mr. Eilertson stated that if Council chose to approve the presented plan, favorable motions would need <br />to take place for approving the Financial Advisor Agreement with Northland Securities allowing them to <br />conduct this transaction on behalf of the City and Res. #11-005 – Providing for the issuance and sale of <br />$2,755,000 General Obligation Improvement Refunding Bonds, Series 2011. Mr. Eilertson explained <br />that the proposed interest rates could decrease or increase slightly by the time bids are in and he would <br />return to Council on March 23, 2011 with those numbers and additional documentation for Council’s <br />consideration. Several Council Members stated that they were comfortable with Mr. Eilertson and <br />Staff’s judgment regarding this transaction. <br /> <br /> <br />1.Approval of Northland Securities’ Financial Advisor Agreement. <br /> <br />Motion by Council Member Paar, seconded by Council Member Fehrenbacher to approve the <br />City entering into the presented Financial Advisor Agreement with Northland Securities. All in <br />favor. Motion carried unanimously. <br /> <br />Page 2 of 6 <br /> <br />