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City Council Minutes December 2~, 2009 Page $ 7.7, Resolution Authorizin the Issuance of General Gbli anon Bonds to Refiind Existin Debt for Interest Cast Savin s ~-1'ubl~c I~ear~~ Mr. Simon presented the staff report, Mark R.uf~, Ehlers and Associates --Stated the city's interest rates on the bond are less than 5 percent. He stated there is a I4 year lockout period on the bonds in order to give investors a chance to get their money back so the city can't prepay the bands until the end of 24I2 unless this advanced refunding method presents enough savings and can be used, He stated after tonight's public hearing the city has to allow 30 days ~anuary 21, 24I0} for any petition equal to 5% of the voters} that may come from citizens. Mayor I~linzing opened the public hearing. There being no one to speak to this issue, Mayor Klinzing closed the public hearing, MOVED BY CGUNCILMEMBER MGTIN AND SECONDED BY CGUNCILMEMBER. WESTGAARD T®ADCPT RESGLUTI®N 09w73 GIVING PRELIMINARYAPPRCVAL FGR THE ISSUANCE CF GENERAL ®BLIGATIGN CAPITAL IMPROVEMENT PLAN B®NDS IN AN AMOUNT NCT ®T E~cEED ~~,ooa,ooa AND ADOPTING THE cITY ~F ELI RIVER, MINNESGT.A, CAPITAL IMPRGVEMENT PLAN FC~R 2010 THRGUGH 2O~4 UNDER MINNESOTA STATUTES, SECTIGN ~75.5Z1. MC~TIGN CARRIED 5P0. 7.$. 2049 Budget Amendments Mr. Simon presented the staff report, MOVED BY COUNCILMEMBER GUMPHREY AND SECQNDED BY COUNCILMEMBER WESTGAARD TD APROVE THE 2009 BUDGET AMENDENTS AS OUTLINED IN THE STAFF REPORT. M®TION CARRIED 5~0. 7.9. Call S ecial Meetin for Wednesda anua G 2010 for Pu ose of Conductin Public Works Director ~ntervieurs Ms. Johnson presented the staff report, MOVED BY CGUNCILMEMBER MOTIN AND SECGNDED BY C®UNCILMEMBER GUMPHREY TG CALL A SPECIAL MEETING FOR. WEDNESDAY, JANUARY G, 2009, .AT C:aO P.M. F®R THE PURP®SE OF C~JNDUCTING PUBLIC WORDS DIRECTOR INTERVIEWS. M®TION CARRIED 5m0. S. Other Business There was no ether Business, 9. Council Updates There were no Council Updates.