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�, SPECIAL MEETING OF THE PEQUOT LAKES CITY COUNCIL <br />TUESDAY, JULY 10, 2012 <br />PEQUOT LAKES CITY HALL <br />Members Present: Mayor Adams, Council Members Nagel, Sjoblad, and Ryan <br />Staff Present: Sandra Peine, City Clerk; Nancy Malecha, Finance <br />Director/City Clerk <br />1. Call Meetina to Order <br />Mayor Adams called the meeting of the Pequot Lakes City Council to <br />order at 6:30 p.m. <br />1.1 Pledqe of Alleqiance <br />Mayor Adams led with the Pledge of Allegiance. <br />2. Consider Aqenda <br />� <br />COUNCIL MEMBER SJOBLAD MOVED TO APPROVE THE AGENDA. <br />COUNCIL MEMBER AKERSON SECONDED THE MOTION. MOTION <br />CARRIED 3-0. <br />3. Issuance and Sale of $1,270,000 General Obliaation Utilitv Refundinq <br />Bonds, Series 2012A <br />Paul Steinman, Springsted, informed the Council that there were three <br />bidders on the bonds. The low bidder was Northland Securities at a true <br />interest rate of 2.64%. He noted that the savings equal $283,000 with a <br />total cash flow of over $600,000 due to the last nine years being <br />eliminated from the payment schedule. <br />Paul Steinman noted that the City received an A-1 Credit Rating from <br />Moody's Investor Service. Mr. Steinman reviewed the City's strengths and <br />weaknesses that were noted on the Credit rating. <br />COUNCIL MEMBER RYAN MOVED TO ADOPT RESOLUTION 12-22 <br />PROVIDING FOR THE ISSUANCE AND SALE OF $1,270,000 <br />GENERAL OBLIGATION UTILITY REFUNDING BONDS, SERIES <br />2012A AND PLEDGING FOR THE SECURITY THEREOF NET <br />� <br />