03-26-08 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL MARCH 26, 2008 Holm felt that the League's position was from their perspective as an insurance company, and suggested that if an insurance claim occurred on a ballfield or playground they would recommend against those. The City Adminishator indicated that claims have occurred due to ballfields and playgrounds, and the League has not recommended against their continued operation. The Administrator also noted that the League is not an insurance company, but aself-insured pool made up of member cities. He noted that the League takes on many risks for member cities, and it is their job to point out risks they feel are inappropriate. Holm asked if the Council had watched the video on the grinder pump. The Council reported that they had not, but have read the grinder information materials. Blesener asked if there was anyone on the Council that supported reconsideration of the February 27°i action to not renew the disposal permit. There was not, therefore, the February 27°i action stands. Holm thanked the Council for their time. SALE OF Mark Ruff, Ehlers & Associates, appeared before the Council to report on G.O BONDS, the results of the sale of $2,690,000 General Obligation Bonds, Series SERIES 2008. Ruff reported that three bids were received with the low bid at a 2008 true interest cost of 3.781% from Northland Securities, Inc. Ruff also reported that the City's A-1 Bond rating from Moody's was reaffirmed. Ruff noted that Moody's works for the bond holders in determining a city's bond rating, and Moody's had positive things to say about Little Canada's tax base and financial operations. Blesener asked how the results of the bond sale compared with the rates from a couple of weeks ago. Ruff reported that the market moved in a positive direction for the City, and indicated that Ehlers is very happy with the overall results of the sale. The lower interest rate means more proceeds and fewer fees for the City. The City Administrator indicated that the interest rate is slightly higher than was first anticipated. However, City staff recommends approval of the bond sale as presented. McGraw asked what the best bond rating was that a city the size of Little Canada might expect. Ruff replied that the City has control over only certain elements that are considered in determining a bond rating, such as fiscal management and level of reserves. Additional factors considered include wealth and health of citizen tax base. Ruff felt that the highest bond rating that Little Canada could achieve would be an AA rating, the 13