12-01-08 Special
SPECIAL CITY COUNCIL
MEETING MINUTES
Richfield, Minnesota
Special Meeting of the City Council
December 1, 2008
CALL TO ORDER
The meeting was called to order by Mayor Goettel at 6:30 p.m.
ROLL CALL
Council Members
Present: Debbie Goettel, Mayor; Sue Sandahl; and Bill Kilian.
Council Members
Not Present: Susan Rosenberg and Fred Wroge.
Staff Present: Steven L. Devich, City Manager; Mike Eastling, Public Works Director;
Brad Sveum, Fire Services Director; Bill Fillmore, Municipal Liquor
Operations Director; Chris Regis, Finance Manager; and Cheryl Krumholz,
Recording Secretary.
M/Sandahl, S/Kilian to determine the absences of Council Members Rosenberg and Wroge
from the Special City Council Meetings of December 1, 2008 as excused absences.
Motion carried 3-0.
Item #1 CONSIDERATION OF RESOLUTION AWARDING THE SALE OF $9,480,000
GENERAL OBLIGATION (G.O.) CAPITAL IMPROVEMENT BONDS, SERIES
2008A (TABLED FROM NOVEMBER 25, 2008) S.R. NO. 287
Rebecca Kurtz, Ehlers and Associates, discussed the bid tabulation and updated debt
service schedule. She stated Ehlers recommended awarding the sale to Stifel, Nicolaus & Co.,
Inc. as lowest responsible bidder.
Ms. Kurtz explained the unique situation related to the lowest bid from Sterne, Agee &
Leach, Inc., and that this firm requested their bid be excused.
Special Meeting Minutes -2- December 1, 2008
M/Goettel, S/Sandahl that the following resolution be adopted and that it be made part of
these minutes:
RESOLUTION NO. 10172
A RESOLUTION AWARDING THE SALE OF GENERAL
OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES
2008A, IN THE AGGREGATE PRINCIPAL AMOUNT OF $9,480,000;
FIXING THEIR FORM AND. SPECIFICATIONS; DIRECTING THEIR
EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR
PAYMENT
Motion carried 3-0. This resolution appears as Resolution No. 10172.
Item #2 CONSIDERATION OF RESOLUTION AWARDING THE SALE OF $515,000
GENERAL OBLIGATION (G.O.) CAPITAL NOTES, SERIES 20086 (TABLED
FROM NOVEMBER 25, 2008) S.R. NO. 288
Rebecca Kurtz, Ehlers and Associates, discussed the bid tabulation and updated debt
service fee schedule. She stated Ehlers recommended awarding the sale to Piper Jaffray & Co. as
lowest responsible bidder.
M/Goettel, S/Kilian that the following resolution be adopted and that it be made part of
these minutes:
RESOLUTION NO. 10173
A RESOLUTION AWARDING THE SALE OF GENERAL
OBLIGATION CAPITAL NOTES, SERIES 20088, IN THE
AGGREGATE PRINCIPAL AMOUNT OF $515,000; FIXING THEIR
FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION
AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT
Motion carried 3-0. This resolution appears as Resolution No. 10173.
ADJOURNMENT
The meeting was adjourned by unan
Date Approved: January 13, 2009
Cheryl Kr mholz
Recording Secretary
City Manager