10-10-2016 Council Packet (2) - Laserfiche WebLink

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COUNCIL MINUTES September 26, 2016 DRAFT 2 C) Consider approval of September 12, 2016 Council Meeting Approved45 Minutes 46 D) Consider approval of Resolution No. 16-102, Appointing Approved 47 additional election judges for the November 8 General Election 48 E) Consider Resolution 16-117, Peddler License for The Window Approved 49 Store 50 F) Consider approval of September 12, 2016 Special Session Approved 51 Minutes 52 53 FINANCE DEPARTMENT REPORT 54 55 2A) Recommendations for Issuance of Bonds: 56 i. Consider Resolution No. 16-116, Providing for the Issuance and Sale of Approximately 57 $1,420,000 General Obligation Water Utility Revenue Bonds, Series 2016A 58 ii. Consider Resolution No. 16-125, Providing for the Issuance and Sale of Approximately 59 $1,980,000 Taxable General Obligation Improvement Refunding Bonds, Series 2016B 60 iii. Consider Resolution No. 16-126, Providing for the Issuance and Sale of Approximately 61 $1,600,000 General Obligation Tax Abatement Refunding Bonds, Series 2016C 62 Director Cotton reviewed the three proposed bond issuances, one to fund the Aqua Lane project and 63 two refunding issues. She noted the recommendation of the city’s financial advisor, Springsted, Inc., 64 to proceed with these reissuances. She introduced Springsted representative Paul Steinman. 65 Council Member Kusterman clarified that the impact upon taxpayers won’t change for the refunding 66 because the bonds already exist. 67 Mayor Reinert clarified that the city is saving by refunding, something in the area of $25,000. 68 Council Member Kusterman moved to approved Resolution No. 16-116 as presented. Council 69 Member Manthey seconded the motion. Motion carried on a voice vote. 70 Council Member Kusterman moved to approved Resolution No. 16-125 as presented. Council 71 Member Manthey seconded the motion. Motion carried on a voice vote. 72 Council Member Kusterman moved to approved Resolution No. 16-126 as presented. Council 73 Member Manthey seconded the motion. Motion carried on a voice vote. 74 2B) Consider Resolution No. 16-119, Adopting the Preliminary 2016 Tax Levy, Collectible in 75 2017 - Director Cotton reported that the resolution adopts the city’s preliminary tax levy. She noted 76 that this would represent the city’s maximum levy and it can be lowered but not raised. She 77 explained the basis of the levy proposed and also the amount it represents. 78 Mayor Reinert noted that valuations have risen in the city in an amount over six percent. What the 79 city is doing tonight is setting a maximum levy percentage and he is hoping that the council will work 80 to bring it down further. In good conscience he cannot support the levy as presented because he 81 doesn’t see it as living within means. 82