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Regular City Council Meeting Monday,December 12,2011 Page 3 a higher interest rate. Ms. Eaton noted that shorter terms would in turn cost more basis points, and depending on the significance of this cloud on the Bond Sale, and with ongo- ing negotiations with FTN throughout the day, negotiations had resulted in FTN agreeing to an increase of 28 basis points, raising the interest rate from 2.1588% to 2.43%. In ex- change for that additional interest cost estimated at $263,000 in additional costs between the two (2) interest rates, Ms. Eaton advised that this rate remained well below original estimates. Ms. Eaton advised that the revised resolution provided as a bench handout as referenced earlier by Mr. Miller included that additional information for a signed agree- ment with the underwriter to lock in that rate. Mayor Roe advised that the next discussion was the question of the litigation, and the next City Council action would be to move to Closed Executive Session to discuss strate- gy. Mr. Miller advised that City Attorney Gaughan would provide a summary of the Closed Session after the City Council returned to open session. Mayor Roe noted that Bond Counsel and Springsted representatives may also need to re- iterate their presentation as Agenda Item. 12.a was considered for City Council action. As outlined by City Attorney Gaughan, Pust moved, Johnson seconded, moving to Closed Executive Session at 6:24 p.m. to discuss matters of client/attorney privilege as provided for under Minnesota State Statute, Chapter 13.D.05 to discuss strategy related to litigation issues. Roll Call Ayes: Johnson; Willmus; McGehee; Pust; and Roe. Nays: None. Adjourn Mayor Roe adjourned to Closed Executive Session at approximately 6:24 p.m. City Bond Coun- sel Mary Ippel, City Attorney Gaughan, Finance Director Miller, and City Manager Malinen par- ticipated with the City Council in the Closed Executive Session. Johnson moved, Willmus seconded, to adjourn the Closed Executive Session and reconvene in open session. Roll Call Ayes: Johnson; Willmus; McGehee; Pust; and Roe. Nays: None. Mayor Roe recessed Closed Session at 7:00 p.m.; and reconvened in open session at approxi- mately 7:03 p.m. 3. Public Comment Mayor Roe recognized Troop Leaders and Scouts in tonight's audience from Roseville Lutheran Church, Troop No. 297, who are in the process of earning their citizenship and community merit badges.