City Council Minutes 08-20-2003 SpecialMINUTES
SPECIAL MEETING - MONTICELLO CITY COUNCIL
Wednesday, August 20, 2003 - 5 p.m.
Members Present: Roger Carlson, Glen Posusta, Robbie Smith, Brian Stumpf and Bruce Thielen
Members Absent: None
1. Call to order.
Mayor Thielen called the meeting to order at 5 p.m. and declared a quorum present.
2. Consideration of awarding sale of $2,420,000 in G.O. Improvement Bonds Series 2003A.
Mr. Todd Hagen of Ehlers and Associates, the City's financial consultant, reviewed with the
Council bids received on the sale of general obligation improvement bonds to finance Phase I
of the Core City Street Reconstruction Project and the Cedar Street Extension. It was
recommended by Mr. Hagen that the bid from Wells Fargo Brokerage Services, LLC at a net
interest cost of 8.7144% be accepted.
Mr. Hagen reviewed with the Council the original plan to refinance the $14,700,000 Clean
Water Revolving Fund loan for the wastewater treatment plant but noted that the bond sale
had been cancelled due to higher than expected interest rates, and due to the lack of getting the
issue insured. The sale can be brought up later, if interest rates are more favorable.
ROGER CARLSON MOVED TO ADOPT RESOLUTION NO. 2003-61 AWARDING THE
SALE $2,420,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2003A
TO WELLS FARGO BROKERAGE SERVICES, LLC AT A NET INTEREST COST OF
8.7144°x'0. BRIAN STUMPF SECONDED THE MOTION. MOTION CARRIED
UNANIMOUSLY.
3. Adjournment.
The special meeting was adjourned at 5:30 p.m.
Recording Secretary