02-26-07 EDA ITEM 2_3
CITY OF OTSEGO
EDA MEETING
FEBRUARY 26, 2007
6:30 PM
1. Call Meeting to order by the EDA President.
President Fournier called the EDA Meeting to order at 6:35 PM.
Roll Call: President Larry Fournier; Members: Vern Heidner, Jessica
Stockamp, Mark Thorsted and Tom Darkenwald.
Staff Mike Robertson, City Administrator; Judy Hudson, City Clerk/Zoning
Administrator; Andrew MacArthur, City Attorney; Laurie Shives, Associate City
Planner; Ron Wagner, City Engineer and Gary Groen, Director of Finance.
2. Consider 2007 Bond Sale for Public Works Building.
Paul Donna, Northland Securities, went over the Bond Sale with the EDA. He said the
EDA Credit Rating is A3 because the City has a strong tax base, strong residential
growth, sound financial operation and debt burden is manageable,
He went over the attached Bond Sale Summary. Member Darkenwald asked if this
Bond has a call option without penalty. Mr. Donna said the first call date is 2015, an
Eight Year Call Feature.
Member Heidner motioned to adopt Resolution EDA 2007 -01, a Revenue
Bond Resolution for $3,615,000 Public Fadlity Lease Revenue Bonds, Series
2007 A. Seconded by Member Stockamp. All in favor. Motion carried.
Member Heidner motioned to adjourn. Seconded by Member Stockamp. All
in favor. Motion carried.
Meeting adjourned at 6:50 PM.
President Larry Fournier
ATTEST:
Judy Hudson, Assistant Secretary