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CITY COUNCIL <br />CITY OF RAMSEY <br />ANOKA COUNTY <br />STATE OF MINNESOTA <br /> <br />The Ramsey City Council conducted a special session on Tuesday, June 3, 2003, at the Ramsey <br />Fire Station Number I, 15050 Armstrong Boulevard NW, Ramsey, Minnesota. <br /> <br />Members Present: <br /> <br />Mayor Thomas Gamec <br />Councilmember David Elvig <br />Councilmember Patti Kurak <br />Councilmember A1 Pearson <br />Councilmember Jerry Zimmerman <br /> <br />Members Absent: <br /> <br />Councilmember Todd Cook <br />Councilmember Sarah Strommen <br /> <br />Also Present: <br /> <br />City Administrator, James E. Norman <br />Assistant City Administrator Heidi Nelson <br />Finance Officer Diana Lund <br /> <br />CALL TO ORDER <br /> <br />Mayor Gamec called the special session of the City Council to order at 5:30 p.m. <br /> <br />SPECIAL SESSION TOPICS FOR DISCUSSION <br /> <br />1) Sale of General Obligation Bonds <br /> <br />Paul Donna of Northland Securities reviewed the terms of the refunding and the amount of <br />money the City will save each year. He explained that the average coupon is at 2.25 percent as <br />compared to almost 6 percent. With preliminary approval by the City Council, the rates would <br />be locked in with formal approval at the next City Council meeting. <br /> <br />Motion by Councilmember Elvig, seconded by Councilmember Kurak, to approve the sale of the <br />general obligation bonds. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Elvig, Kurak, Pearson, and <br />Zimmerman. Voting No: None. Absent: Councilmembers Cook and Strommen. <br /> <br />City Council Special Meeting/June 3, 2003 <br /> Page 1 of 2 <br /> <br /> <br />