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City Council Minutes <br />February 21, 2012 <br />Page 5 <br />addition, because construction costs were towered by the city and lower fees the size <br />• was reduced to $6,975,000. <br />MOVED BY COUNCILMEMBER WESTGAARD AND SECONDED BY <br />COUNCILMEMBER MOTIN TO ADOPT RESOLUTION 12-11 <br />AWARDING THE SALE OF $6,975,000 GENERAL OBLIGATION <br />CAPITAL IMPROVEMENT PLAN BONDS; SERIES 2012A FIXING <br />THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR <br />EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR <br />PAYMENT. MOTION CARRIED 5-0. <br />B. Resolution Awarding the Sale of $1 595,000 General Obligation Improvement <br />Refunding Bonds, Series 2012B <br />Mr. Ruff reviewed the bids for this bond as outlined in the Sale Report handout he <br />distributed. Mr. Ruff noted that the city vas able to get an excellent interest rate. In <br />addition, because of lower fees and underwriter fees/discount the size was reduced <br />to $1,525,000. <br />MOVED BY COUNCILMEMBER MOTIN AND SECONDED BY <br />COUNCILMEMBER GUMPHREY TO ADOPT RESOLUTION 12-12 <br />AWARDING THE SALE OF $1,525,000 GENERAL OBLIGATION <br />IMPROVEMENT REFUNDING BONDS, SERIES 2012B; FIXING <br />THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR <br />EXECUTION AND DELIVERY; PROVIDING FOR THEIR PAYMENT; <br />AND PROVIDING FOR THE REDEMPTION OF BONDS REFUNDED <br />THEREBY. MOTION CARRIED 5-0. <br />MOVED BY COUNCILMEMBER WESTGAARD AND SECONDED BY <br />COUNCILMEMBER MOTIN TO APPROVE THE REFUNDING <br />ESCROW AGREEMENT IN THE STAFF REPORT. MOTION <br />CARRIED 5-0. <br />Announcements <br />There were no announcements. <br />10. Adjournment <br />There being no further business, Mayor Dietz adjourned the meeting of the Elk River City <br />Council at 7:38 p.m. <br />J n j. ietz, o <br />• Tina Allard, Ciry Clerk <br />