10-14-09 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL OCTOBER 14, 2009 Increment Bonds, Series 1999. Hagen reported that competitive bids would be solicited for these Bonds. Ehlers and Associates would review the bids and come back with a recommendation to award to the low bidder. Hagen reviewed the details of the potential refinancing of the Tax Increment Bonds noting that it may be more advantageous for the City to pay off these bonds with cash on hand. If that proves to be the most beneficial option, then the bond issue can be reduced accordingly. Hagen reported that the City currently has an underlying A 1 Bond Rating with Moody's. He recommended that the City seek a rating with Standard & Poor's and noted that a preliminary review indicates that an improved bond rating is likely. Blesener asked if a bond rating review would be an expensive process. Hagen reported that it is not, and the Administrator noted that a bond rating review would be a part of the bond sale anyway. The recommendation is to have the review done by Standard & Poor's. With regard to the refinancing of the TIF Bond, the Administrator noted that the interest rate currently being paid is high, and this is the City's first opportunity to either reffnance or pay off that bond. Again, further analysis will be done as to which is the best option. Mr. Montour introduced the following resolution and moved its adoption: RESOL IITION NO. 2009-10-234 -PROVIDING FOR THE SALE OF $2,550,000 GENERAL OBLIGATION TAXABLE BONDS, SERIES 2009 AS RECOMMENDED BY EHLERS AND ASSOCIATES The foregoing resolution was duly seconded by McGraw. Ayes (5). Nays (0). Resolution declared adopted. DEER The City Administrator reported that at the direction of the City CONTROL Council an agreement has been drafted with Metro Bowhunters Resource Base (MBRB) for deer population reduction. One area identified for a hunt involves the St. John's Cemetery property, St. Paul Water Department property, a~~d City property. The Administrator reported that he has not finalized written permission with these property owners, but St. John's has indicated their approval, and the Water Department is in agreement provided that it is the MBRB that conducts the hunt. The City Adminisri-ator reviewed the proposed agreement in detail, outlining some of the key expectations. Those include three hunts, each on Mondays and Tuesdays, hunters will hunt using elevated stands, hunters will have sharpshooter status, and only antlerless deer can be 5