2005-11-30 CC Minutes EDA
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ALBERTVILLE ECONOMIC DEVELOPMENT AUTHORITY
November 30, 2005
Albertville City Hall
6:00 PM
PRESENT: Chairman Don Peterson, Council members John Vetsch, LeRoy Berning, Ron
Klecker, and Tom Fay, Finance Director Tina Lannes, City Administrator Larry Kruse and
Financial Consultant Paul Donna.
Chairman Peterson called the Albertville City Council meeting to order at 6:00 p.m. followed by
the Pledge of Allegiance.
The purpose of the EDA meeting was to issue $3.7 million in Lease Revenue Bonds for a new
City Hall.
$3,700,000 CITY HALL LEASE REVENUE BOND
Paul Donna of Northland Securities presented the results of the $3,700,000 bond sale stating the
issue had a 9-year call, 20-year term and was rated by Moody at an A-3. The bond is being
issued to the Albertville Economic Development Authority (EDA) and the City then has a land
and building lease with the EDA. Donna stated the average annual payment is $279,000 and the
average interest rate is a 4.34%. The City Council will be passing a concurrent resolution to
complete the transaction.
Motion by Council member Klecker, seconded by Council member Berning to approve
Resolution Number 2005-59 entitled A Resolution Awarding the Sale Of $3,700,000 Public
Project Lease Revenue Bonds, Series 2005B; Fixing Their Form and Specifications; Directing
Their Execution and Delivery; and Providing for Their Payment as on file in the office of the
City Clerk. Motion carried unanimously.
ADJOURNMENT
MOTION BY Council member Klecker, seconded by Council member Vetsch to adjourn the
meeting at 6:10 p.m. Motion carried unanimously.
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Don Peterson, Mayor
e, ity Administrator
M:\Public Data\City Council\Council Minutes\2005 Minutes\M 11-30-05 EDA,doc