Laserfiche WebLink
COUNCIL MINUTES <br />APPROVED <br />42 FINANCE DEPARTMENT REPORT <br />43 A) Consider Resolution No. 20-57, Awarding the Sale of $4,800,000 General Obligation <br />44 Utility Revenue Bonds, Series 2020A - Finance Director Cotton reviewed her written report; <br />45 pointing out information on: <br />46 -The council has previously approved the issuance of bonds to be used to finance the the water <br />47 tower project; <br />48 -Term of 15 years; debt service to be funded by the City's Trunk Utility Fund; <br />49 -Rates are at a f ve year low, an advantage to the City; <br />50 -Review of bids received: <br />51 -Premium status has reduced the par amount of the bonds and proposed debt service; <br />52 - City's credit rating was affirmed at AA+ <br />53 The council discussed the City's bond rating and how rating agencies look at changes, either up or <br />54 down. Ms. Cotton discussed how the rating agencies review the City's finances and items such as a <br />55 debt management plan that could improve their outlook. <br />56 Councilmember Stoesz moved to approve Resolution No. 20-�7 as presented. Councilmember <br />57 Cavegn seconded the motion. Motion carried on a voice vote. <br />58 B) Accept 20I9 Annual Audit Report -Finance Director Cotton reviewed the matter: <br />59 -Internal audit was completed in May by Redpath & CC) mpany; <br />60 - Representative of company gave a comprehensive overview of the results at the council work <br />61 session; <br />62 -The auditor's has issued an unmodified report; <br />63 -Final report issued is a communication to those charged with governance <br />64 The council is being requested to formally accept the results of the audit. <br />65 The council thanked staff for their efforts in coming forward with a good audit result. <br />66 Councilmember Stoesz moved to accept the results of audit as presented. Councilmember Ruhland <br />67 seconded the motion. Motion carried on a voice vote. <br />6s ADMINISTRATION DEPARTMENT REPORT <br />69 There was no report from the Administration Department. <br />70 PUBLIC SAFETY DEPARTMENT REPORT <br />71 There was no report from the Public Safety Department. <br />72 PUBLIC SERVICES DEPARTMENT REPORT <br />73 A) Consider Approval of Resolution No. 20-49, Accepting Quotes and Awarding a <br />74 Construction Contract, 2020 Trail Maintenance Project —Public Services Director DeGardner <br />75 reviewed his written staff report. Staff would like to accept quotes as indicated and proceed to <br />76 contract for the work. He indicated on a map the areas planned for maintenance in 2020 and work <br />77 that is planned. <br />2 <br />