Ida Grove, Iowa
September 12, 2006

The City Council of the City of Ida Grove met in special session at the Council Chambers at 5:30 p.m.Mayor Dennis R. Ernst presiding.Councilmembers present: William Carnine, Paul Bargar, James Weary, Tom Peterson.Councilmembers absent: Rick Heeren.Guests in attendance: Rex Ramsay, Gerrod Sholty.The following items were added to the agenda for discussion only: Fire Hydrant Barricade and VanSickler Sidewalk.

Moved to approve the agenda as amended.

Approved unanimously.

The City Council investigated and found that a notice of intention to institute proceedings to enter into a loan agreement had been duly published as provided by law and that this is the time and place at which the City Council shall receive oral or written objections from any resident or property owner of the City. The City Clerk announced that no written objections had been placed on file. Whereupon, the Mayor called for any written or oral objections, and there being none, the Mayor announced that the City Council may authorize the loan agreement in the amount as published.

This also being the time and place fixed by the City Council for the consideration of bids for the purchase of General Obligation Corporate Purpose Bonds to be issued in evidence of the City’s obligation under such loan agreement, the Mayor announced that bids had been received and canvassed on behalf of the City at the time and place fixed therefore.

Whereupon, such bids were placed on file, and the substance of such bids was noted in the minutes, as follows:

Winning Bidder
UMB Bank NA, Kansas City, MO & First State Bank, Ida Grove, IA

Bonds Due Interest Bonds Due Interest
1-June Rate Rate
2008 3.7000% 2013 3.750%
2009 3.7000% 2014 3.800%
2010 3.700% 2015 3.800%
2011 3.700% 2016 3.850%
2012 3.700% 2017 3.900%
Purchase Price: 1,005,152.00
Net Interest Cost: 260,208.00 True Interest Cost: 3.870223%

Other Bidders
Bankers Bank, Madison , WI
Purchase Price: 1,007,475.00
Net Interest Cost: 268,696.67 True Interest Cost: 3.998200%

RBC Capital Markets, West Des Moines, IA
Purchase Price: 999,900.00
Net Interest Cost: 271,650.00 True Interest Cost: 4.040407%

Ruan Securities Corp., Des Moines, IA
Purchase Price: 1,001,667.50
Net Interest Cost: 275,016.70 True Interest Cost: 4.105900%

Bernardi Securities, Chicago, IL
Purchase Price: 1,000,910.00
Net Interest Cost: 278,528.33 True Interest Cost: 4.159800%

Piper Jaffray & Co., Leawood, KS
Purchase Price: 1,001,112.95
Net Interest Cost: 282,182.88 True Interest Cost: 4.197068%

Wells Fargo Brokerage Services LLC, Minneapolis, MN & United Bank of Iowa, Ida Grove, IA
Purchase Price: 998,890.00
Net Interest Cost: 291,364.17 True Interest Cost: 4.357600%

After due consideration and discussion, Council Member Tom Peterson introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member William Carnine. The Mayor put the question upon the adoption of said resolution, and the roll being called, the following Council Members voted:

Ayes: William Carnine, Paul Bargar, James Weary, Tom Peterson.
Nays: None.

RESOLUTION NUMBER 2006-14 is a resolution authorizing and approving a Loan Agreement and providing for the sale and issuance of $1,010,000 General Obligation Corporate Purpose Bonds and providing for the levy of taxes. Resolution Number 2006-14 is on file at the City Clerk’s office.

At the September 5, 2006, meeting Milt Zobel appeared before the Council and informed them he would donate a sixty-foot road right-of-way for an emergency exit out of Zobel’s Addition. The street would be a gravel street that connects to Park Lane. The street would require at least two culverts. The City would be responsible for the surveying, staking, grading and graveling of the street.

Moved to accept Milt Zobel’s donation of a sixty-foot road right-of-way for a street to be built from the end of Park Lane to the county line.

Approved unanimously.

Gerrod Sholty, Street Superintendent, informed the Council that he had visited with Delbert Elkin and the City can use the salt storage building without a floor if they so desire. They could set the building up yet this fall. The posts are every three-foot and are six inches by eight inches and are twelve foot long with six foot in the ground. The tongue and groove lumber is two by eight. Mr. Elkin informed Gerrod if we are going to go with bridge plank we could just as well go with concrete. He said they don’t very often install the wood structure.

Discussion was held on putting up the building this fall or waiting until next year. The Council decided to leave the funds that were allocated for this year and add to them in the next fiscal year so they can build what they want.

It was agreed by general consent to wait to build the salt storage building until next fiscal year.

Moved to adjourn subject to the call of the Mayor.

Moved to approve the agenda as amended.

Approved unanimously.

/s/Dennis R Ernst, Mayor

ATTEST:

/s/Diane F. Alborn, City Clerk