ORTONVILLE CITY COUNCIL
COUNTY OF BIG STONE, STATE OF MINNESOTA
SPECIAL WORKSHOP MEETING MINUTES
DIALYSYS BUILDING – 435 EASTVOLD AVENUE
Monday, NOVEMBER 5, 2007
6:00 P.M.
CALL TO
ORDER AND ROLL CALL:
Mayor Blair
Johnson called the Special Workshop Meeting of the Ortonville City Council
to order at 6:00 P.M. Roll call was taken with the following Present:
Mayor Blair Johnson, Nick Anderson, John Cunningham, Mike Dorry, Bob
Meyer, and Dan Oakes, with the following Absent: Artie Arndt. City Staff
present: City Administrator David Lang. Media Present: None. Others
Present: Carolyn Drude and Shelly Eldridge of Ehlers & Associates Inc.
AGENDA
AMENDMENTS/APPROVAL:
The
agenda was approved by consensus.
DISCUSSION: CURRENT AND PROJECTED IMPROVEMENT BOND FUNDING OPTIONS – 2007
AND BEYOND
The primary
focus of the discussion this evening was the possible refunding of General
Obligation (G.O.) Water Revenue Warrants of 2000. Carolyn Drude indicated
this long-term obligation is a USDA Rural Development loan at a current
interest rate of 4.75%. This loan is pre-payable at time at the option of
the City without penalty.
Lately,
interest rates have been declining in a more pronounced manner.
Historically, there is more market demand for municipal bonds at the end
of each calendar year. Accordingly, current bond interest rates are
project to be about 4.32%.
If the City
is able to refund the bonds at a true interest rate of approximately
4.32%, the total savings over the remaining eleven years would be about
$64,795.00. Carolyn Drude stated Ehlers & Associates Inc. will request
Council approval to proceed with the sale of refunding bonds during the
7:00 PM Council Regular Meeting this evening.
ADJOURNMENT:
Mayor
Blair Johnson adjourned the meeting by consensus at 6:45 PM.
APPROVED:
ATTEST:
______________________
_________________________
Blair
Johnson David A.
Lang
Mayor
Clerk-Administrator
