11-13-2018 Council Meeting Minutes

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COUNCIL MINUTES November 13, 2018 APPROVED 46 FINANCE DEPARTMENT REPORT 47 2A) Consider Resolution No. 18457, Awarding the Sale of $7,169,000 General Obligation 48 Bonds, Series 2018A - — Finance Director Cotton explained that staff is requesting authorization to 49 proceed with the sale of City general obligation bonds to fund the West Shadow Lake Drive and 50 Lamotte Improvement Projects and water main improvements along Lake Drive. She introduced the 51 City's financial advisor, Terri Heaton of Springsted, Inc., to provide detailed information. 52 Ms. Heaton reviewed a PowerPoint presentation that included information on: 53 - Upgrade of the City's bond rating from AA to AA+ bond; 54 - Bonds will finance three projects; bond amount has been reduced from original estimate; 55 - Bids results (seven bids received); 56 - Bond rating process and implications of the city's bond rating; 57 - Reasoning for the city's upgrade to AA+; 58 - Rationale for strong management rating. 59 Mayor Reinert recognized the long term work that's gone into receiving a bond rating increase. The 60 City has been responsible with its money. He noted that the City has the same S&P rating now as the 61 United States Government. 62 Council Member Manthey moved to approve Resolution No. 18-157 as presented. Council Member 63 Stoesz seconded the motion. Motion carried on a voice vote. 64 2B) Consider Resolution No. 18-158, Calling for a Public Hearing on Consenting to the 65 Issuance of Senior Housing Facility Revenue Notes to Finance a Senior Housing Project — Finance 66 Director Cotton reviewed the written staff report outlining a request for the council set a public hearing 67 for December 1 oth to consider granting consent for the City of Falcon Heights to issue revenue notes 68 that will finance a new senior living facility for Lingblomsten Company in the City of Lino Lakes. She 69 noted that the issuance will also serve to refinance bonds for an existing facility not located in the City, 70 for the same company. 71 Council Member Manthey moved to approve Resolution No. 18458 as presented. Council Member 72 Stoesz seconded the motion. Motion carried on a voice vote. 73 2C) Consider 1st Reading of Ordinance No. 1848, Establishing the 2019 City Fee Schedule — 74 Finance Director Cotton requested that the council approve the 1st Reading of a fee schedule for the 75 coming year. She noted that the fees presented in the ordinance have been reviewed by staff, amended 76 as appropriate and she is recommending approval. 77 Council Member Maher moved to approve the lst Reading of Ordinance No. 18-18 as presented. 78 Council Member Manthey seconded the motion. Motion carried on a voice vote: 79 8o ADMINISTRATION DEPARTMENT REPORT 81 3A) Consider 1st Reading of Ordinance No. 1748, Adjusting the Salaries of the Mayor and 82 Councilmembers —Administrator Karlson asked the council to approve the 1st reading of this 83 ordinance that would raise the salaries of council members and the mayor. He noted that the council