ELY CITY COUNCIL

SPECIAL WORKSHOP MEETING

July 7, 2009

6:00 p.m.

 

Mayor Jim Doyle called a special meeting of the Ely City Council to order at 6:00 p.m. on Tuesday July 7, 2009 in the Council Chambers at Ely City Hall.  Council Members present:  Stephanie Mai, Bob Ballantyne, Mark Banowetz, Bill Grove, and Tom Winkowski. Also present: Rex Ramsay and Aaron Anderson, City Administrator/Clerk.

 

The City Council met in special session, pursuant to notice as required by State Code, to consider action related to issuance of $240,000 General Obligation Bonds for the 2009 State Street Resurfacing Project and a proposal to purchase land to be the site for a new water tower.

 

Winkowski moved to approve the agenda as presented, second by Banowetz; motion carried – 5 to 0.

 

Issuance of $240,000 General Obligation Notes for 2009 Dows Street Resurfacing Project

Clerk-Administrator Anderson introduced Rex Ramsay, Financial Advisor with Piper Jaffray.  Mr. Ramsay reported the following bids were received for sale of the $240,000 General Obligation Capital Loan Notes, Series 2009:

 

Northland Securities, Minneapolis, MN

 

Bonds Due

Interest

Bonds Due

Interest

1-Jun

Rate

1-Jun

Rate

2011

2.000%

2014

2.750%

2012

2.250%

2015

3.000%

2013

2.500%

 

 

Purchase Price:

236,400.00

Insurance:

Not Available

Net Interest Cost:

28,306.25

Net Interest Rate:

3.027406%

 

 

 

 

D.A. Davidson & Co., Denver, CO

 

 

Bonds Due

Interest

Bonds Due

Interest

1-Jun

Rate

1-Jun

Rate

2011

2.000%

2014

3.150%

2012

2.500%

2015

3.400%

2013

2.800%

 

 

Purchase Price:

236,400.00

Insurance:

Not Available

Net Interest Cost:

31,333.33

Net Interest Rate:

3.351100%

 

Mr. Ramsay reported the bid from Northland Securities is most beneficial and recommended the City Council accept said bid. 

 

Resolution No. 09-0707-39, Directing the Acceptance of a Proposal to Purchase General Obligation Capital Loan Notes, Series 2009, Ratifying Electronic Bidding Procedures, and Approving the Official Statement.  Clerk-Administrator Anderson reported Resolution No. 09-0707-39 would accept the bid from Northland Securities as set out fully in their bid and the bid documents.  Ballantyne moved to approve Resolution No. 09-0707-39, second by Mai.

Aye:     Winkowski, Grove, Banowetz, Mai, Ballantyne

Nay:     None

Absent: None

Mayor Doyle declared the motion passed and resolution approved 5 to 0.

 

Resolution No. 09-0707-40, Approving Financial Advisory Services Agreement with Piper Jaffray & Co., for $240,000 City of Ely GO Capital Loan Notes, 2009.  Winkowski moved to approve Resolution No. 09-0707-40, second by Banowetz. 

Aye:     Winkowski, Grove, Banowetz, Mai, Ballantyne

Nay:     None

Absent: None

Mayor Doyle declared the motion passed and resolution approved 5 to 0.

 

Water System Improvements Project. 

Discuss Proposed Water Tower Site, Potential Purchase of Real Estate for the Site of a New Water Tower, and Offer to Sell Identified Real Estate.  Banowetz moved to conduct a closed session to discuss purchase of real estate as site for a new water tower due to reasonable expectation premature disclosure of details would increase the price the City pays, per §21.5,j Code of Iowa, 2007, as amended, at 6:15 p.m., second by Winkowski.  Motion carried – 5 to 0.  Mayor Doyle declared the meeting in closed session at 6:15 p.m.

 

Banowetz moved to end the closed session at 6:20 p.m., second by Mai; motion carried – 5 to 0.  Mayor Doyle declared the closed session ended and meeting in regular open session at 6:20 p.m.

 

Resolution No. 09-0707-41, Accepting Purchase/Sale Contract for a 5+/- Acre Parcel to Serve as a Site for a New Water Tower.  Clerk-Administrator Anderson reported Resolution No. 09-0707-41 would accept an offer from the Lenora Buresh Estate to sell a roughly 5-acre parcel immediately north of Ely city limits and immediately west of Jappa Road to Ely for a total of $75,000.00, subject to the two conditions listed in the offered contract.  Mai moved to approve Resolution No. 09-0707-41, second by Winkowski.

Aye:     Winkowski, Grove, Banowetz, Mai, Ballantyne

Nay:     None

Absent: None

Mayor Doyle declared the motion passed and resolution approved 5 to 0.

 

Winkowski moved to adjourn, second by Grove; motion carried – 5 to 0.  The meeting adjourned at 6:22 p.m.

 

 

                                                                                                                                                           

                                                                        James E. Doyle Jr., Mayor

Attest:                                                             

Aaron Anderson, Clerk/Administrator