Laserfiche WebLink
CITY COUNCIL WORK SESSION <br />225 - Utility bond would be appropriate; <br />126 - Lowest interest rates with general obligation bond; <br />227 - Bond issuance process timeline; <br />228 - Sources and Uses of funding needed; <br />229 - Estimated debt service requirements (since there would be no levy, planned debt service <br />230 wouldn't exceed project budget amount); <br />231 - Possibility of alternative methods of sale (due to current pandemic situation); <br />232 - City's current bond rating (last sale); <br />233 - Schedule moving forward. <br />234 <br />235 Councilmember Stoesz asked if there would be any clear financial benefit to holding off <br />136 on this. Finance Director Cotton explained that the City has a pay request related to this <br />237 project coming to the council soon; she has discussed a delay with Ms. Heaton who <br />238 assured her that bids are coming in well. She explained that there is the opportunity to <br />239 reject in the future also. <br />240 <br />241 Councilmember Lyden asked about the bond rating. He sees the positive impact of a <br />242 high bond rating to the City's financing cost. With projects ahead, will the rating be <br />243 stable? Ms. Cotton said she anticipates the City will be able to maintain its high rating; <br />244 although the City's debt may look high, revenue sources for that debt vary and that's a <br />245 positive. <br />246 <br />247 Mayor Rafferty likened a big project such as the water tower to paying a mortgage for a <br />248 large purchase such as a home. Stretching the project cost out allows current and future <br />249 residents to pay for the benefit. <br />250 <br />251 Councilmember Stoesz asked if a water tower could handle an earthquake. City Engineer <br />252 Hankee explained that structural designs include consideration of project locations; <br />253 Minnesota isn't a zone where earthquakes are part of the consideration. <br />254 <br />255 The council concurred with moving forward. The bond sale will be considered at the <br />256 second council meeting of April. <br />257 <br />258 Mayor Rafferty asked Community Development Director Grochala what kind of actions <br />259 are going on right now in the construction area. City Engineer Hankee explained that <br />260 pilings and some structural work is underway. <br />261 <br />262 6. Communications Coordinator — Administrator Karlson explained that he is <br />263 recommending creation of a Communications Coordinator position for the City. This <br />264 comes forward because it is an important need right now. Recent issues in the City have <br />265 highlighted the need for centralized communications. He explained how elements of the <br />266 website are handled by different areas in City Hall; a Facebook page for the City is also a <br />267 good idea. Mr. Karlson proceeded to explain that he has identified funding from the <br />268 communications fund (cable fees) that could partially fund this position. He noted the <br />269 proposed salary range. Additional funding would come from reorganizing staffing, <br />6 <br />