11-28-2016 Council Packet - Laserfiche WebLink

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COUNCIL MINUTES October 24, 2016 DRAFT 2 October 24, 2016 (Check No. 104664 – 46 104761, $811,661.61) Approved 47 48 October 3, 2016 Council Work Session Minutes Approved 49 50 October 10, 2016 City Council Meeting Minutes Approved 51 52 Resolution No. 16-148, Authorizing Certification 53 Of Delinquent Water & Sewer Utility Charges for 54 Collection with 2016 Property Taxes Payable in 2017 Approved 55 56 Resolution No. 16-149, Appointing Addnl Election Judges Approved 57 58 October 10, 2016 Public Safety Update Session Approved 59 60 FINANCE DEPARTMENT REPORT 61 62 2A) Awarding the Sale of Bonds, Series 2016 63 i. Consider Resolution No. 16-145, Awarding the Sale of $1,420,000 General Obligation 64 Water Utility Revenue Bonds, Series 2016A – Finance Director Cotton noted that the three 65 resolutions relate to the sale of bonds for improvements and refunding of existing debt. She reviewed 66 the proposed use and terms of each proposed bond issuance. She introduced Terri Heaton, Springsted 67 Inc., financial consulant to the City, to review the results of the bond issuance. 68 Terri Heaton, Springsted Inc, noted that the bond sale results were received this morning and the 69 council received the results at the work session preceding the council meeting. She noted the 70 successful bidders and savings due to the refundings. Ms. Heaton also discussed the city’s credit 71 rating, remaining stable at AA (two from the very top credit rating). Positive findings of the credit 72 rating agencies were read and Ms. Heaton explained how those findings result in a good rate for the 73 city. 74 Council Member Maher moved to approve Resolution No. 16-145 as presented. Council Member 75 Rafferty seconded the motion. Motion carried on a voice vote (Council Member Kusterman abstained 76 from voting due to a possible conflict related to his employment with a public accounting firm). 77 ii. Consider Resolution No. 16-146, Awarding the Sale of $1,980,000 Taxable General 78 Obligation Refunding Improvement Bonds, Series 2016B 79 Council Member Maher moved to approve Resolution No. 16-145 as presented. Council Member 80 Manthey seconded the motion. Motion carried on a voice vote. (Council Member Kusterman abstained 81 from voting due to a possible conflict related to his employment with a public accounting firm). 82 iii. Consider Resolution No. 16-147, Awarding the Sale of $1,600,000 General Obligation Tax 83 Abatement Refunding Bonds, Series 2016C 84 Council Member Maher moved to approve Resolution No. 16-147 as presented. Council Member 85 Manthey seconded the motion. Motion carried on a voice vote. (Council Member Kusterman abstained 86 from voting due to a possible conflict related to his employment with a public accounting firm). 87