12-11-91 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL DECEMBER 11, 1991 The foregoing resolution was duly seconded by LaValle. Ayes (5) Blesener, LaValle, Scalze, Hanson, Collova Nays (0). Resolution declared adopted. Mr. Blesener introduced the following resolution and moved its adoption: RESOLUTION NO. 91-12-416 - APPROVING THE MINUTES OF THE DECEMBER 4, 1991 SPECIAL COUNCIL MEETING AS SUBMITTED The foregoing resolution was duly seconded by LaValle. Ayes (5) Blesener, LaValle, Scalze, Collova, Hanson. Nays (0). Resolution declared adopted. ANNOUNCE- Brad Farnham, Springsted, appeared before the Council MENTS to report that as part of a debt analysis study on the part of the City over the past several months, the City called two bond issues and refunded another, as well as sold a new issue. Part of this process involved asking Moody's Investors Service in New York to rate the bond issues, and the result was an upgrade in the City's credit rating from a BAA1 to an A rating. Farnham reported that upgrades are very rare, and will save the City money on interest rates in debt financing. Farnham reviewed in detail the City's credit report which was released by Moody's. Blesener pointed out that the City Administrator and Farnham have been working on the debt study for many months, and the upgrade is a real plus for the City, and the result of fiscal responsibility and watching tax levies. Blesener also pointed out that the refunding of the sewer bond issue resulted in a $110,000 savings to the City in interest costs over the life of that issue. Mayor Hanson announced that due to the fact that the the Council's second regular meeting in December falls on December 25th, that meeting will be cancelled. On behalf of the Council and staff, Hanson wished the citizens of Little Canada a Merry Christmas and Happy New Year. Page 2