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16200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
SPECIAL COUNCIL MEETING MINUTES
City Council Meeting Minutes
October 30, 2006
CALL TO ORDER
Present were Mayor Haugen, Councilmembers Dornbush, Erickson, LeMair and Millar, City
Manager Boyles, Finance Director Teschner and Administrative Assistant Green.
Consider Approval of a Resolution Providing for the Issuance and Sale of $3,700,000
General Obligation Fire Hall Bonds, Series 2006A and Levying a Tax for the Payment
Thereof.
Steve Mattson of Northland Securities, Inc. advised the Council that $3.7 million in general
obligation fire hall bonds were sold at an average coupon rate of 4.4441 % with a net effective
rate of 4.5304%. He explained principal and interest payments for the total 25-year debt
service and the projected cost for homesteads of varying values for the same time period.
Commented that the cost of purchasing bond insurance earlier in the year resulted in a sav-
ings of approximately $100,000.
MOTION BY LEMAIR, SECONDED BY MILLAR TO APPROVE RESOLUTION 06-190
PROVIDING FOR THE ISSUANCE AND SALE OF $3,700,000 GENERAL OBLIGATION
FIRE HALL BONDS, SERIES 2006A AND LEVYING A TAX FOR THE PAYMENT
THEREOF.
VOTE: Ayes by Haugen, Dornbush, Erickson, LeMair and Millar. The motion carried.
ADJOURNMENT
With no further comments from Council members, a motion to adjourn was made by Haugen.
With all in favor, the meeting adjourned at 5: 12 p.m.
Frank BO::! Jl:;r
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Charlotte Green, Administrative Assistant
www.cityofpriorlake.com
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Phone 952.447.4230 / Fax 952.447.4245