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COUNCIL MINUTES <br />September 26, 2016 <br />APPROVED <br />45 <br />C) <br />Consider approval of September 12, 2016 Council Meeting <br />Approved <br />46 <br />Minutes <br />47 <br />D) <br />Consider approval of Resolution No. 16-102, Appointing <br />Approved <br />48 <br />additional election judges for the November 8 General Election <br />49 <br />E) <br />Consider Resolution 16-117, Peddler License for The Window <br />Approved <br />50 <br />Store <br />51 <br />F) <br />Consider approval of September 12, 2016 Special Session <br />Approved <br />52 <br />Minutes <br />53 <br />54 FINANCE DEPARTMENT REPORT <br />55 <br />56 2A) Recommendations for Issuance of Bonds: <br />57 i. Consider Resolution No. 16-116, Providing for the Issuance and Sale of Approximately <br />58 $1,420,000 General Obligation Water Utility Revenue Bonds, Series 2016A <br />59 ii. Consider Resolution No. 16-125, Providing for the Issuance and Sale of Approximately <br />60 $1,980,000 Taxable General Obligation Improvement Refunding Bonds, Series 2016B <br />61 iii. Consider Resolution No. 16-126, Providing for the Issuance and Sale of Approximately <br />62 $1,600,000 General Obligation Tax Abatement Refunding Bonds, Series 2016C <br />63 Director Cotton reviewed the three proposed bond issuances, one to fund the Aqua Lane project and <br />64 two refunding issues. She noted the recommendation of the city's financial advisor, Springsted, Inc., <br />65 to proceed with these reissuances. She introduced Springsted representative Paul Steinman. <br />66 Council Member Kusterman clarified that the impact upon taxpayers won't change for the refunding <br />67 because the bonds already exist. <br />68 Mayor Reinert clarified that the city is saving by refunding, something in the area of $25,000. <br />69 Council Member Kustenman moved to approved Resolution No. 16-116 as presented. Council <br />70 Member Manthey seconded the motion. Motion carried on a voice vote. <br />71 Council Member Kusterman moved to approved Resolution No. 16-125 as presented. Council <br />72 Member Manthey seconded the motion. Motion carried on a voice vote. <br />73 Council Member Kusterman moved to approved Resolution No. 16-126 as presented. Council <br />74 Member Manthey seconded the motion. Motion carried on a voice vote. <br />75 2B) Consider Resolution No. 16-119, Adopting the Preliminary 2016 Tax Levy, Collectible in <br />76 2017 - Director Cotton reported that the resolution adopts the city's preliminary tax levy. She noted <br />77 that this would represent the city's maximum levy and it can be lowered but not raised. She <br />78 explained the basis of the levy proposed and also the amount it represents. <br />79 Mayor Reinert noted that valuations have risen in the city in an amount over six percent. What the <br />80 city is doing tonight is setting a maximum levy percentage and he is hoping that the council will work <br />81 to bring it down further. hi good conscience he cannot support the levy as presented because he <br />82 doesn't see it as living within means. <br />2 <br />