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5) Consider 2012 Street Maintenance Program — This item is being presented as a <br />separate case on tonight's agenda. <br />Motion carried. Voting Yes: Mayor Ramsey, Councilmembers Tossey, Backous, Elvig, <br />McGlone, Strommen, and Wise. Voting No: None. <br />5. APPROVE AGENDA <br />Motion by Councilmember Wise, seconded by Councilmember Elvig, to approve the agenda as <br />revised to Consider Case 7.04 prior to Case 7.01 and adding Item 7.06.5, Consider Report from <br />Public Works Committee Meeting dated March 13, 2012. <br />Motion carried. Voting Yes: Mayor Ramsey, Councilmembers Wise, Elvig, Backous, McGlone, <br />Strommen, and Tossey. Voting No: None. <br />6. PUBLIC HEARING <br />6.01: Public Hearing and Adopt Resolution Approving the Issuance of General <br />Obligation Capital Improvement Plan Bonds, Series 2012A <br />Mayor Ramsey closed the regular portion of the City Council meeting at 7:11 p.m. in order to <br />conduct a public hearing. <br />Public Hearing <br />Mayor Ramsey called the public hearing to order at 7:11 p.m. <br />Presentation <br />Finance Officer Lund reviewed the staff report. <br />Paul Donna, Senior Vice President of Northland Securities, stated the Council is considering <br />issuing General Obligation Capital Improvement Plan Refunding Bonds to restructure the <br />Municipal Center debt from its current interest rate of 4.44% to an expected rate of 2.5 %, <br />generating about $400,000 in present value savings. This action is being considered at this time <br />to take advantage of historic low interest rates. <br />Citizen Input <br />There was none. <br />Motion by Councilmember Elvig, seconded by Councilmember Wise, to close the public <br />hearing. <br />Motion carried. Voting Yes: Mayor Ramsey, Councilmembers Elvig, Wise, Backous, McGlone, <br />Strommen, and Tossey. Voting No: None. <br />City Council / March 13, 2012 <br />Page 4 of 11 <br />