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<br />City Council Minutes <br />May 16, 2005 <br /> <br />Page 2 <br /> <br />. <br /> <br />3.7. <br /> <br />APPROVE THE SHERBURNE COUNTY AGRICULTURAL SOCIETY <br />TO CONDUCT EXCLUDED BINGO DURING THE SHERBURNE <br />COUNTY FAIR, JULY 14-17,2005 <br />DISPLAY OF FIREWORKS/PYROTECHNICS SPECIAL EFFECTS <br />LICENSE FOR CHAMBER OF COMMERCE AND MELROSE <br />PYROTECHNICS, INC., JULY 4,2005. <br />ON-SALE 3.2.% MALT LIQUOR LICENSE FOR CHAMBER OF <br />COMMERCE CONTINGENT UPON RECEIVING DRAM SHOP <br />INSURANCE, JULY 4, 2005 <br /> <br />3.8. <br /> <br />3.9. <br /> <br />. MOTION CARRIED 5-0. <br /> <br />4. Open Mike <br /> <br />Noone appeared for Open Mike. <br /> <br />5.1. Consider Bond Sales <br /> <br />A. Resolution Providing for the Issuance and Sale of $1.085.000 General Obligation Bonds, <br />Series 2005A, Pledgjt1g Special Assessments for the Security Thereof and Levying a Tax for <br />the Payment Thereof. <br /> <br />Finance and Administrative Services Director Lori Johnson introduced Mark Ruff and <br />Bruce Dejong from EWers & Associates, Inc. <br /> <br />. <br /> <br />Mr. Ruff informed the Council that the bond rating for the city has been upgraded to Ai by <br />Moody's and he presented the Mayor with a certificate. <br /> <br />Mayor Klinzing congratulated the finance staff for their hard work and dedication. She <br />stated the Council is very thorough at reviewing and budgeting of the city's finances. <br /> <br />Mr. Ruff stated that as a result of the upgraded bond rating, the bonds sale amounts for <br />both the special assessments and the sewer revenue refunding bonds have been reduced. <br /> <br />He reviewed the bids and debt service for the special assessment bonds. The special <br />assessments bonds principal amount has been reduced to $1,070,000 at a 3.5368% interest <br />rate. <br /> <br />MOVED BY COUNCILMEMBER FARBER AND SECONDED BY <br />COUNCILMEMBER GUMPHREY TO ADOPT RESOLUTION 05-53 <br />PROVIDING FOR THE ISSUANCE AND SALE OF $1,070,000 GENERAL <br />OBLIGATION IMPROVEMENT BONDS, SERIES 2005A, PLEDGING SPECIAL <br />ASSESSMENTS FOR THE SECURITY THEREOF AND LEVYING A TAX FOR <br />THE PAYMENT THEREOF. MOTION CARRIED 5-0. <br /> <br />Resolution Providing for the Issuance and Sale of $1,695,000 General Obligation Sewer <br />Revenue Refunding Bonds, Series 2005B and Pledgjt1g Net Revenues for the Security <br />Thereof <br /> <br />. <br /> <br />Mr. Dejong reviewed the bids and debt service for the sewer revenue refunding bonds. Due <br />to the city's upgraded rating the principal amount of the sewer revenue refunding bonds has <br />been reduced to $1,660,000 at a 3.5956% interest rate. <br />