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City of Centerville <br />Council Meeting Minutes <br />February 24, 2021 <br /> <br />vote was taken. Mayor Love and Council Members Koski and Lakso voted in favor. Council <br />Members Mosher and King abstained. Motion carried. <br /> <br />VII. CONSENT AGENDA <br /> <br />1. City of Centerville Claims through February 24, 2021 (Check #33558-33588) <br />& 1655E- 1661E) W/Voided Check #33587 <br />2. Centennial Lake Police Department Claims through February 11, 2021 <br />(Check #13647-13662, 13663 -13678) & Payroll (Check #13645-13646) <br />3. Centennial Fire District Claims through February 23, 2021 (Check #9012- <br />9019), (2021003E-2021004E) & (Payroll Check #9007-9011) <br />4. Resolution 21-0XX Not Waiving Liability Limits <br />5. Purchase of Playground Equipment Replacement Parts – McBride Park <br />6. City Hall Fire System Monitoring <br /> <br />Mayor Love provided an opportunity for Council to add or remove any item(s) to/from the consent <br />agenda. <br /> <br />Motion by Council Member Lakso, seconded by Council Member Mosher, to Approve the <br />Consent Agenda as presented. A roll-call vote was taken. Mayor Love and Council <br />Members King, Koski, Lakso & Mosher voted in favor. Motion carried. <br /> <br />VIII. OLD BUSINESS <br /> <br />1. Bond Sale <br /> <br />Mr. George Eilertson, Northland Securities, stated that the only action item related to the bond sale <br />is the resolution found in the packet along with a bond sale summary. He explained that this is <br />refinancing the 2013 Series Bonds. He stated that the objectives the City had was to restructure <br />debt to achieve reduction of debt service levy and to receive a debt service levy interest savings. <br />He explained that this morning at 10:30 a.m., they received financing bids from three (3) different <br />investment banks. The low bidder was United Bankers out of Bloomington at 0.99% for true <br />interest cost. He stated that after reviewing with staff, they have opted to proceed with the bonds <br />non-rated which he feels has worked well. He reviewed the overall savings of $69,011 which is <br />the equivalent of a present value savings of 5.28%. <br /> <br />Council Member King stated that he thought he remembered that when this was first brought to <br />the Council it was .67% which would have been a savings of $85,000. <br /> <br />Mr. Eilertson stated that this was a good observation and noted that there are a few things to <br />consider, the average coupon or average interest and agreed that earlier on, the average interest <br />rate was lower. He explained that over the last week and half the interest rates have slowly been <br />ticking up a bit. While the overall savings used to be a bit higher, the City still got a nice sale. <br /> <br />Council Member King asked if Northland Securities also took a cut of this money. <br /> <br />Page 9 of 17 <br /> <br /> <br />