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Regular City Council Meeting Monday, August 25, 2008 Page 10 2180 Hamline Avenue; based on the comments and findings of Sections 5-8, and the amended conditions of Section 9 and 10.3 of the project report dated August 25, 2008. Councilmember Ihlan opined her desire to condition approval upon the library remaining open during the process. Councilmember Pust spoke in support of the library remaining open as well. Further discussion ensued on the County Board's decisions related to costs and safety in keeping the Roseville Library open; and how to best express the City's interest in the Roseville Library remaining open at some location during construc- tion; with staff directed to draft a resolution of support that an operation in the City of Roseville be retained during construction, for a future meeting; and to en- courage public support of such a resolution. Roll Call Ayes: Ihlan; Pust; Roe; Willmus; and Klausing. Nays: None. a. Adopt a Resolution Awarding the Sale of Equipment Certificates for Financ- ing the Ice Arena Refrigeration System Finance Director Chris Miller advised that sale of bids for the issuance of $2.5 million in Equipment Certificates to finance the construction of a geothermal re- frigeration system at the Ice Arena, had taken place the morning of August 25, 2008. Mr. Miller introduced Ms. Terri Eaton of Springsted Incorporated, the City's Bond Consultant, who reviewed the bid tabulation, distributed as a bench handout, and recommended award. Ms. Eaton advised that nine bids had been received, and that in the current vola- tile market, this proved a favorable environment and level of interest for the City, resulting in benefit to the City. Ms. Eaton recommended award of the bid to Stifel, Nicolaus & Company, Incorporated in the amount of 3.2791 %; and asked that the City Council formally approve and award the sale at tonight's meeting. Ms. Eaton responded to individual Councilmember questions; reviewed the bond sale; and reviewed the rating call of Moody's and their rating of the sale at AA1, just below AAA, and the second highest rating available. Ms. Eaton advised that she and Mr. Miller had participated in the call; and reviewed highlights of the phone transcript and favorable bond rating evidenced by the City's strong com- mercial and retail tax base; positive trends in the City's reserve funds and capital funds; continued growth through redevelopment efforts; aggressive pay down of debt service, with debt service averaging pay off of 93% within ten years; the City's favorable logistical location in the metropolitan area; sound, conservative