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<br />Regular City Council Meeting - 03/08/04 <br />Minutes - Page 10 <br /> <br />refunding bond would allow the City to achieve an anticipated <br />$181,000 in savings over the remaining term of the bond; and <br />read affirmation by bonding agencies of the City's bond record <br />and strong financial rating, accomplishing the low bids received. <br /> <br />Maschka moved, Ihlan seconded, adopt of Resolution No. 10208 <br />entitled, "Resolution Providing for the Issuance and Sale of <br />$1,760,000 General Obligation Improvement Refunding Bonds, <br />Series 2004A and Pledging for the Security Thereof Special <br />Assessments and Ad Valorem Taxes." <br /> <br />Mayor Klausing acknowledged the good, solid work of previous <br />Councilmembers and staff in maintaining the City's financial <br />ranking; and thanked Chris Miller for his work on this bond <br />Issue. <br /> <br />Discussion included the term of the bond; and the amount of the <br />bond issue. <br /> <br />Ms. Beton noted that, because of the premium bid and issuance <br />costs being reduced, the size of the bond issue had been reduced <br />from $1,760,000 to $1,725,000, decreasing the March 1, 2004 <br />maturity by $15,000 and the March 1,2010 maturity by $20,000. <br /> <br />Roll Call <br />Ayes: Ihlan, Kough, Maschka, Schroeder and Klausing. <br />Nays: None. <br /> <br />6. <br /> <br />Consider Ice Arena Roof Replacement Issues, Including the <br />Creation of Bid Specifications and the Acceptance of a Class <br />Action Settlement <br />Parks and Recreation Director Lonnie Brokke reviewed the <br />background of the class action lawsuit and settlenlent offer, <br />along with staff and City Attonley recommendations related to <br />the ice arena roof materials. <br /> <br />Mr. Broldce noted that the City Attorney's office had deternlined <br />that the settlement offer did not meet Minnesota bid laws and <br />subsequently they recommended advertising for bids through the <br />public bidding process. <br /> <br />Consider Ice Arena <br />Roof Replacement <br />Issues, Including <br />the Creation of Bid <br />Specifications and <br />the Acceptance of a <br />Class Action <br />Settlement <br />