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MINUTES <br />CITY COUNCIL <br />JANUARY 6, 2014 <br />The foregoing resolution was duly seconded by Boss. <br />Ayes (5). <br />Nays (0). Resolution adopted. <br />Blesener introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2014 -1 -6 — CLOSING THE PUBLIC HEARING <br />AND ADJOURNING THE ECONOMIC DEVELOPMENT <br />AUTHORITY MEETING AS WELL AS RECONVENING THE CITY <br />COUNCIL MEETING <br />The foregoing resolution was duly seconded by McGraw. <br />Ayes (5). <br />Nays (0). Resolution adopted. <br />PRE -SALE Mark Ruff, Ehlers & Associates, City Financial Advisor, appeared before <br />REPORT FOR Council to present the Pre -Sale Report relative to the sale of $2,570,000 in <br />BONDS TO General Obligation Capital Improvement Plan Bonds, Series 2014A to <br />FINANCE finance a new Public Works -Parks Facility. Ruff recommended that the <br />PUBLIC sale of these bonds occur at the Council's February 12, 2014 meeting. He <br />WORKS indicated that prior to that sale, he will be working with City staff in the <br />GARAGE preparation of documents relative to the sale including the request for a <br />new bond rating from Standard & Poore's. Ruff indicated that the City <br />has not issued debt in the last five years, which is a good sign of its fiscal <br />health. The City's current bond rating is AA, with the highest bond rating <br />being two steps higher at AAA. <br />Ruff reported that once the official statement is prepared to submit to the <br />lending agencies requesting bids on these bonds, he will submit it to <br />Council for its review. Ruff anticipated that the City will receive <br />between three and ten bids for the bonds and those rates will be in the low <br />3% range. He indicated that these will be 20 -year bonds that will have a <br />9 -year lock -out period. Ruff further reported that it is proposed that <br />Briggs & Morgan serve as the City's Bond Counsel for this sale, as they <br />have done on previous bond issues. Ruff noted the resolution in the <br />Council's agenda authorizing Ehlers & Associates and City staff to <br />prepare the appropriate bond documents in preparation for the February <br />12, 2014 bond sale. <br />Blesener asked what the City's chance was in improving its bond rating. <br />Ruff noted that there is new criteria relative to the assignment of bond <br />ratings. This criteria more heavily weights market value per capita as well <br />as per capita income in determining a bond rating. Ruff indicated that <br />4 <br />