Special Council Meeting Minutes

SPECIAL COUNCIL MEETING A Special Council Meeting was held on August 20, 2018 at 5:32 p.m. with Mr. Hare presiding in the absence of Council President Slavin. Council members present were Mr. Anderson, Mr. Neil, Mr. Cole, and Mr. Polce. Mr. Sudler, Mr. Lewis, and Mr. Lindell were absent. Mayor Christiansen was also present. Council staff members present were Ms. Peddicord, Mrs. Mitchell, and Mrs. McDowell. ADOPTION OF AGENDA Mr. Anderson moved for approval of the agenda, seconded by Mr. Neil and unanimously carried. RESOLUTION RATIFYING AND CONFIRMING SALE OF $15,700,000 ELECTRIC REVENUE REFUNDING BONDS OF THE CITY OF DOVER (SERIES 2018) AND RELATED MATTERS Mr. Anderson moved for the adoption of the Resolution Ratifying and Confirming the Sale of $15,700,000 Electric Revenue Refunding Bonds of the City of Dover (Series 2018) and Related Matters, seconded by Mr. Cole. Ms. Lori Peddicord, Controller/Treasurer, explained that the proposed Resolution allows for ratifying and confirming the sale of $15,700,000 of electric revenue refunding bonds of the City of Dover (Series 2018) and related matters. She informed members that 12 bids were electronically received and opened on August 8, 2018 and, according to Mrs. Donna Mitchell, City Manager, that was the greatest number of bids received during her tenure with the City. Ms. Peddicord stated that the closing was scheduled for August 21, 2018 at 10:00 a.m. and the City had a present value savings of $2.6M. Responding to Mr. Neil, Mrs. Mitchell stated that the City’s rating for electric revenue bonds is AA and she thought that the number of bids the City received resulted from a combination of the City’s rating as well as the current market. She noted that she thought that the market was the big driver in the bonds and the interest rates that the City received on the bids. The motion to adopt the Resolution Ratifying and Confirming the Sale of $15,700,000 Electric Revenue Refunding Bonds of the City of Dover (Series 2018) and Related Matters was unanimously carried. Mr. Neil moved for adjournment, seconded by Mr. Anderson and unanimously carried. Meeting adjourned at 5:35 p.m. TRACI A. McDOWELL CITY CLERK

SPECIAL COUNCIL MEETING OF AUGUST 20, 2018 PAGE 2 All ordinances, resolutions, motions, and orders adopted by City Council during their Special Meeting of August 20, 2018 are hereby approved. ROBIN R. CHRISTIANSEN MAYOR /TM S:\AGENDAS-MINUTES-PACKETS-PRESENTATIONS-ATT&EXH\Council-Minutes\2018\08-20-2018 Special Council Meeting Minutes.wpd