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COUNCIL MINUTES November 13, 2018 <br />DRAFT <br />2 <br />2A) Consider Resolution No. 18-157, Awarding the Sale of $7,169,000 General Obligation 46 <br />Bonds, Series 2018A - – Finance Director Cotton explained that staff is requesting authorization to 47 <br />proceed with the sale of City general obligation bonds to fund the West Shadow Lake Drive and 48 <br />Lamotte Improvement Projects and water main improvements along Lake Drive. She introduced the 49 <br />City’s financial advisor, Terri Heaton of Springsted, Inc., to provide detailed information. 50 <br />Ms. Heaton reviewed a PowerPoint presentation that included information on: 51 <br />- Upgrade of the City’s bond rating from AA to AA+ bond; 52 <br />- Bonds will finance three projects; bond amount has been reduced from original estimate; 53 <br />- Bids results (seven bids received); 54 <br />- Bond rating process and implications of the city’s bond rating; 55 <br />- Reasoning for the city’s upgrade to AA+; 56 <br />- Rationale for strong management rating. 57 <br />Mayor Reinert recognized the long term work that’s gone into receiving a bond rating increase. The 58 <br />City has been responsible with its money. He noted that the City has the same S&P rating now as the 59 <br />United States Government. 60 <br />Council Member Manthey moved to approve Resolution No. 18-157 as presented. Council Member 61 <br />Stoesz seconded the motion. Motion carried on a voice vote. 62 <br />2B) Consider Resolution No. 18-158, Calling for a Public Hearing on Consenting to the 63 <br />Issuance of Senior Housing Facility Revenue Notes to Finance a Senior Housing Project – Finance 64 <br />Director Cotton reviewed the written staff report outlining a request for the council set a public hearing 65 <br />for December 10th to consider granting consent for the City of Falcon Heights to issue revenue notes that 66 <br />will finance a new senior living facility for Lingblomsten Company in the City of Lino Lakes. She noted 67 <br />that the issuance will also serve to refinance bonds for an existing facility not located in the City, for the 68 <br />same company. 69 <br />Council Member Manthey moved to approve Resolution No. 18-158 as presented. Council Member 70 <br />Stoesz seconded the motion. Motion carried on a voice vote. 71 <br />2C) Consider 1st Reading of Ordinance No. 18-18, Establishing the 2019 City Fee Schedule – 72 <br />Finance Director Cotton requested that the council approve the 1st Reading of a fee schedule for the 73 <br />coming year. She noted that the fees presented in the ordinance have been reviewed by staff, amended 74 <br />as appropriate and she is recommending approval. 75 <br />Council Member Maher moved to approve the 1st Reading of Ordinance No. 18-18 as presented. 76 <br />Council Member Manthey seconded the motion. Motion carried on a voice vote. 77 <br /> 78 <br />ADMINISTRATION DEPARTMENT REPORT 79 <br />3A) Consider 1st Reading of Ordinance No. 17-18, Adjusting the Salaries of the Mayor and 80 <br />Councilmembers – Administrator Karlson asked the council to approve the 1st reading of this 81 <br />ordinance that would raise the salaries of council members and the mayor. He noted that the council 82 <br />has not had a salary increase for ten years. He also reviewed comparison information included in his 83 <br />written report indicating what like cities are paying for council salaries (this City is considerably below 84