Upon due public notice, Council President Pro Tem Dan Oakes called the special meeting of the Ortonville City Council to order at 5:04 p.m. Roll call was taken and the following were present: Dave Dinnel, Mel Reinke, Mike Dorry, Mary Gustafson, Dan Oakes, and the following were absent: Lisa Berkner, David Ellingson. City Staff Present: Roman Taffe, David McLaughlin. Media Present: None. Others Present: Ken Archer, Jim Foster, Carolyn Drude, John Jurgens.

Carolyn Drude, Ehler’s & Associates, Inc., presented financial information for a proposed revenue warrant sale to finance the proposed hospital construction project. Drude stated that the final request given her by the hospital staff was for $3.365,000 of debt. The term of the debt would be for 22 years with the first two years having only interest payments due. She stated that historical financial data from City utilities indicates debt service coverage of 2.75 times. It was discussed that a special meeting of the Council would be necessary to consider bids on this debt issuance and to also award the construction bid for the project. Dinnel moved and Dorry seconded and the motion passed unanimously authorizing staff to work with Ehler’s & Associates, Inc. to solicit proposals for the sale of $3,365,000 Public Utility Revenue Warrants and report results to the Council for consideration on May 30, 2001.

There being no further business to come before the Council, Dinnel moved and Dorry seconded that the May 15^th special meeting of the Ortonville City Council be adjourned. With all present voting in favor, the motion carried. Oakes declared the meeting adjourned at 6:16 p.m.

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Roman C. Taffe, City Clerk-Administrator