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COUNCIL MINUTES November 9, 2009 <br /> APPROVED <br /> 46 <br /> �-- 47 <br /> 48 CONSENT AGENDA <br /> 49 <br /> 50 Council Member O'Donnell moved to approve the Consent Agenda. Council Member Gallup <br /> 51 seconded the motion. Motion carried. <br /> 52 <br /> 53 ITEM ACTION <br /> 54 <br /> 55 1A. Consideration of Expenditures: <br /> 56 i) November 9, 2009 (Check No. 87107 through 87173), <br /> 57 $297,996.64; Approved <br /> 58 ii) Centennial Fire District(Check No. 4012 through 4024), <br /> 59 $8,822.76 Approved <br /> 60 <br /> 61 1B. Approval of October 26,2009 Council Work Session Minutes Approved <br /> 62 <br /> 63 1 C. Approval of October 26,2009 City Council Meeting Minutes Approved <br /> 64 <br /> 65 10. Consideration of Resolution No. 09-93,Accepting Donations <br /> 66 for the Gobbler Games Special Event Approved <br /> 67 <br /> 68 FINANCE DEPARTMENT REPORT, AL ROLEK <br /> 69 <br /> 70 2A. Consideration of Resolution 09-97, Authorizing the Issuance of$4,335,000 <br /> 71 G.O. Revenue Note to Anoka County for the Reconstruction of the <br /> 72 I-35E/CR 14 Interchange <br /> 73 Finance Director Al Rolek noted that the amount of the note has changed to $4,260,000 based <br /> 74 on current negotiations. A joint powers agreement (JPA) for reconstruction of the I-35E/CSAH <br /> 75 14 interchange under a project led by Anoka County has been approved by the council. The <br /> 76 JPA calls for the city's portion of the project costs to be financed through the county and the city <br /> 77 would concurrently issue this note to secure it's payment to the county. He briefly reviewed the <br /> 78 terms of the proposed bonds and introduced Tern Heaton of Springsted, Inc. (financial <br /> 79 consultant) and Steve Bubul of Kennedy& Graven (bond counsel). <br /> 80 <br /> 81 Ms. Heaton explained that the bonds were priced through Anoka County to come in with the <br /> 82 best possible interest rate. The interest rate is 3.49 percent based on a premium bid. <br /> 83 <br /> 84 Steve Bubul explained that the city is issuing the note because the county is constructing the <br /> 85 project and doing initial financing for the entire project. The process chosen to pay the county is <br /> 86 seen to be efficient and beneficial to the city. The numbers presented to the council are tied to <br /> 87 the debt service that the county is committing to as well as a small annual fee to be paid to the <br /> 88 county. <br /> 89 <br /> 90 Council Member O'Donnell moved to approve Resolution No. 09-97 as presented. Council <br /> 2 <br />