The Burlington City Council met in special session at 4:30 p.m. in the City Manager’s office with Mayor Scott, Council Members Baker, Edwards, Kellogg and King present.

SPECIAL MEETING NOTICE ACKNOWLEDGED

RESOLUTION:
1.    Resolution Authorizing and Approving a Loan Agreement and Providing for the Sale and Issuance of $5,000,000 General Obligation Corporate Purpose Bonds, Series 2003B, and for the Levy of Taxes to Pay the Same

DISCUSSION: The Deputy City Manager stated that the City received bids at 2:00 p.m. on
June 30, 2003 for the sale of $5,000,000.00 General Obligation Corporate Purpose Bonds, Series 2003B.  He stated that the bond issue would be used to complete the Hawkeye Sewer Separation Project and WWTF Improvement Project.  He stated that Burlington has maintained its A2 rating.  Rex Ramsay of US Bancorp Piper Jaffray stated that six bids were received with the lowest bidder of Harris Trust and Savings Bank with an interest rate of 3.870969%.  He stated that all bidders were attaching insurance with their bids which ends up making the rating an AAA.  Council Member King questioned if this was costing the City in the long run.  Rex Ramsay stated that the bidder pays for the insurance and the City would not have received as good of interest rate if the bidders had not provided the insurance.  The City Manager reviewed with Council the recommended increase to the storm water utility system fee schedule which Council will be approving at its July 7, 2003 City Council Meeting.   He explained that the reason for raising the storm water utility system fees verses the sewer rates was it would place more of the cost to commercial users verses the residential user.  All present had opportunity to speak and nothing additional was filed in the office of the City Clerk.
(VOTE: 5 - “AYES”)                            ADOPTED

ADJOURNMENT: 4:50 p.m.            APPROVED: July 7, 2003



Kathleen P. Salisbury            Timothy E. Scott
City Clerk, C.M.C.            Mayor

(See tape on file in the office of the City Clerk for complete discussion and documentation.)