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City of Centerville <br /> Council Meeting Minutes <br /> May 22, 2013 <br /> key factors in their determination. Council Member King questioned Standard & Poors' <br /> rating of the City as being Moderately High regarding debt as a percent of market value. <br /> Mr. Eilertson stated that even though Standard & Poor's gave this ranking he would give <br /> it a ranking of moderate debt and comparative to other cities of similar size. Discussion <br /> ensued regarding the use of Standard & Poors versus Moody's, other cities' ratings and <br /> firms used for obtaining them, no need for future borrowing due to the street maintenance <br /> budgeting, and Council Member King's request for more information related to S & P's <br /> rating of Moderately High. Mr. Eilertson stated that he would contact S & P regarding <br /> Council Member King's questions and forward that information to Administrator Larson. <br /> Mr. Eilertson explained to Council that bidders pay a premium for higher interest rates <br /> and Raymond James & Associates, Inc. bid the bond purchase with a $30,000 premium <br /> that would be paid to the City to offset the total bond issuance. This would bring the total <br /> amount of the bond to $1,485,000. Mr. Eilertson stated that ultimately the City would be <br /> paying a higher interest rate but paying less over the period of the bond. Mr. Eilerston <br /> reported that the City would receive the bond proceeds by June 13, 2013 and the City <br /> could commence paying expenditures associated with the 2013 Street Improvement <br /> Project. <br /> VII. OLD BUSINESS <br /> 1. None. <br /> VIII. NEW BUSINESS <br /> 1. Standard & Poor's — Double A Rating of the City of Centerville <br /> Previously covered. <br /> 2. Res. #13 -OXX — Accepting Proposal on the Sale of $1,510,000 G.O. Improvement <br /> Bonds, Series 2013A, Providing for Their Issuance & Pledging for the Security <br /> As previously stated by Mr. Eilertson the Improvement Bond would be in the amount of <br /> $1,485,000. <br /> Motion by Council Member Paar, seconded by Council Member Fehrenbacher to <br /> adopt Res. #13 -015 — Accepting Proposal on the Sale of $1,485,000 G.O. <br /> Improvement Bonds, Series 2013A, Providing for Their Issuance & Pledging for the <br /> Security. Council Member King Opposed. Motion passed. <br /> 3. Mound Trail Property Owner Requests <br /> Page 3 of 6 <br /> 3 <br />