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<br />CenterviIle City Council <br />May 28, 2003 <br />Meeting Minutes <br /> <br />George Eilertson presented information to Council concerning the bond sale for the <br />Peltier Preserve project. He then indicated that Council would need to execute a <br />Financial Advisory Agreement as is done each time his firm assists the City with <br />financing. <br /> <br />Council Member Broussard Vickers expressed concern that the City would be holding <br />bonds when the project has been finished. <br /> <br />Mr. Eilertson explained that the proposal is for temporary bonds of three years with a call <br />feature allowing for repayment in July of 2004 or any date thereafter. <br /> <br />Council Member Capra indicated Council had discussed that the special assessments <br />certified rate of 8% was high and should be changed. <br /> <br />Mr. Eilertson indicated that 8% in this market is high and then said that a lot of times <br />cities assess benefiting properties at one or two percent higher than the borrowing rate <br />where others use a flat 7%. <br /> <br />Council Member Broussard Vickers indicated that people have the option of other <br />financing at lower rates and she would like to leave it where it is. <br /> <br />Mr. Eilertson commented that leaving the interest rate at 8% encourages prepays. <br /> <br />Motion bv Council Member Broussard Vickers. seconded bv Council Member <br />Capra to approve Resolution #03-030 as presented. All in favor. Motion carried <br />unanimously. <br /> <br />Motion bv Council Member Broussard Vickers. seconded bv Council Member Paar <br />to approve the Financial Services Advisory Ae:reement with Northland Securities <br />based on the recommendation of the City Attornev. All in favor. Motion carried <br />unanimously. <br /> <br />2. Resolution #03-033 Accepting Bids and Awarding the Peltier Preserve and <br />Surrounding Benefiting Homes Determined bv Council Municipal Improvements <br /> <br />Mr. Peterson indicated the bids were right around the estimate with Dave Perkins out of <br />Ramsey being the low bid. He then indicated he had spoken to Mr. Perkins and his <br />company is ready to start upon receiving approval. <br /> <br />Motion bv Council Member Capra. seconded bv Council Member Lee to approve <br />Resolution #03-033 as presented based on the recommendation of the City Ene:ineer. <br />All in favor. Motion carried unanimously. <br /> <br />Page 4 of9 <br />