Well, welcome everybody, and I do mean everybody to the February eighteenth regular meeting of the Egan City Council.

It's our second regular meeting of the month of February.

And uh and that's good because we're down a few people tonight.

Councilmember Fields unfortunately won't be able to join us for the meeting tonight.

Uh, and our usual leader, uh, City Administrator Diane Miller is not able to join us.

Uh, she had uh a delay uh in being able to get here.

Uh, she's fine, but unable to make the meeting, so uh in her steed, uh, assistant city administrator uh Sarah Ang will uh lead us through this meeting, and I'm sure she'll do a fabulous job of it.

So uh with that, Ms.

Ang, are there any changes the agenda tonight?

No changes, Mr.

Mayor.

Uh, Council Any changes the agenda.

Motion.

To adopt the agenda as presented.

Second.

It's moved and seconded.

Uh, any additional conversation on the agenda.

Seeing none, all in favor I.

And opposed, nay.

That motion carries, and we have an agenda.

Uh, we have no recognition and presentation, so I'll move right to our consent agenda.

Uh, are there any members of the public who are here on an item that appears in the consent agenda?

Wanted to say that item acted on separately or had questions on it.

Seeing none, I'll bring it back to the council.

Council same question.

For motion.

Council Member Backer.

That's moved and seconded.

So any additional conversation on the consent agenda.

Seeing none.

All in favor I.

And opposed, nay.

And we've adopted the consent agenda for the evening.

With that.

We have no public hearings.

I'll go to old business.

We have one item of old business.

It is to receive uh bids and adopt resolutions awarding the sale of 19,370,000 in general obligations, tax abasement bonds series 2025A for those keeping score at home.

In December, Council authorized the issuance of bonds to be sold to finance improvements to Egan's Community Center and Utility Systems.

We received 11 bids this morning, and City Council action is required to approve the bond sale results.

Tammy Umda from Northland Securities is here to present the results in more detail.

Mayor Council, good evening.

Tammy Umdahl with Northland Security serving as advisor to the city and accepting the 11 bids from this morning.

As noted, the bonds are being issued to finance improvements to the community center.

The bonds are general obligation bonds and um 20-year life of the bonds.

The low bid that was received was for from excuse me, Fidelity Capital Markets out of Boston, Massachusetts.

The ratings was affirmed.

Moody's affirmed the triple A rating.

If you had a chance to read the report, a very um strong um report with respect to their methodology and that rating of that triple A.

The final paramount of the bonds for your action is 18,250,000, which is different than the original notice.

The reason for that is fidelity bid with premium.

And that premium was used to reduce the power amount.

So the final amount will be 18 million two fifty in this um bidding environment or market for a number of years.

Um most general obligation bonds are bid with some premium, and that is the underwriter's desire to have coupons that reflect the current um market condition and investor interest.

So it reduces the power amount.

Um the total payments to the city as a result of that decision to use premium to reduce power amount has no impact on the city.

The final um true interest cost that was bid was at 3.67% from Fidelity.

I'm rounding.

And I would note the cover bid was very close at that 3.665.

With that, Mayor Council, I would recommend that um you approve the resolution awarding the bonds to Fidelity in the amount of 18,250,000.