10-24-2016 Council Meeting Minutes

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CfT�111►1;�1 �i►lihY�.� October 24, 2016 46 October 24. 2016 (Check No. 104664 — 47 104761 $811,661.61) Approved 48 49 October 3, 2016 Council Work Session Minutes Approved 50 51 October 10, 2016 City Council Meeting Minutes Approved 52 53 Resolution No. 16-148, Authorizing Certification 54 Of Delinquent Water & Sewer Utility Charges for 55 Collection with 2016 Property Taxes Payable in 2017 Approved 56 57 Resolution No. 16-149, Appointing Addnl Election Judges Approved 58 59 October 10, 2016 Public Safety Update Session Approved 60 61 FINANCE DEPARTMENT REPORT 62 63 2A) Awarding the Sale of Bonds, Series 2016 Consider Resolution No. 16-145, Awarding the Sale of $1,420,000 General Obligation 65 Water Utility Revenue Bonds, Series 2016A — Finance Director Cotton noted that the three 66 resolutions relate to the sale of bonds for improvements and refunding of existing debt. She reviewed 67 the proposed use and terms of each proposed bond issuance. She introduced Terri Heaton, Springsted 68 Inc., financial consulant to the City, to review the results of the bond issuance. 69 Terri Heaton, Springsted Inc, noted that the bond sale results were received this morning and the 70 council received the results at the work session preceding the council meeting. She noted the 71 successful bidders and savings due to the refundings. Ms. Heaton also discussed the city's credit 72 rating, remaining stable at AA (two from the very top credit rating). Positive findings of the credit 73 rating agencies were read and Ms. Heaton explained how those findings result in a good rate for the 74 City. 75 Council Member Maher moved to approve Resolution No. 16445 as presented. Council Member 76 Rafferty seconded the motion. Motion carried on a voice vote (Council Member KUsternlan abstained 77 from voting due to a possible conflict related to his employment with a public accounting firm). 78 ii. Consider Resolution No. 16446, Awarding the Sale of $1,980,000 Taxable General 79 Obligation Refunding Improvement Bonds, Series 2016B 80 Council Member Maher moved to approve Resolution No. 16-145 as presented. Council Member 81 Manthey seconded the motion. Motion carried on a voice vote. (Council Member Kusterman abstained 82 from voting due to a possible conflict related to his employment with a public accounting firm). 83 iii. Consider Resolution No. 16447, Awarding the Sale of $1,600,000 General Obligation Tax 84 Abatement Refunding Bonds, Series 2016C 85 Council Member Maher moved to approve Resolution No. 16-147 as presented. Council Member 86 Manthey seconded the motion. Motion carried on a voice vote. (Council Member Kusterman abstained 87 from voting due to a possible conflict related to his employment with a public accounting firm). i7