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COUNCIL MINUTES <br />DRAFT <br />2 <br />FINANCE DEPARTMENT REPORT 42 <br />A) Consider Resolution No. 20-57, Awarding the Sale of $4,800,000 General Obligation 43 <br />Utility Revenue Bonds, Series 2020A - Finance Director Cotton reviewed her written report, 44 <br />pointing o ut information on: 45 <br />- The council has previously approved the issuance of bonds to be used to finance the the water 46 <br />tower project; 47 <br />- Term of 15 years; debt service to be funded by the City’s Trunk Utility Fund; 48 <br />- Rates are at a five year low, an advantage to the City; 49 <br />- Review of bids received; 50 <br />- Premium status has reduced the par amount of the bonds and proposed debt service; 51 <br />- City’s credit rating was affirmed at AA+ 52 <br />The council discussed the City’s bond rating and how rating agencies look at changes, either up or 53 <br />down. Ms. Cotton discussed how the rating agencies review the City’s finances and items such as a 54 <br />debt management plan that could improve their outlook. 55 <br />Councilmember Stoesz moved to approve Resolution No. 20-57 as presented. Councilmember 56 <br />Cavegn seconded the motion. Motion carried on a voice vote. 57 <br />B) Accept 2019 Annual Audit Report - Finance Director Cotton reviewed the matter: 58 <br />- Internal audit was completed in May by Redpath & Company; 59 <br />- Representative of company gave a comprehensive overview of the results at the council work 60 <br />session; 61 <br />- The auditor’s has issued an unmodified report; 62 <br />- Final report issued is a communication t o those charged with governance 63 <br />The council is being requested to formally accept the results of the audit. 64 <br />The council thanked staff for their efforts in coming forward with a good audit result. 65 <br />Councilmember Stoesz moved to accept the results of audit as presented. Councilmember Ruhland 66 <br />seconded the motion. Motion carried on a voice vote. 67 <br />ADMINISTRATION DEPARTMENT REPORT 68 <br />There was no report from the Administration Department. 69 <br />PUBLIC SAFETY DEPARTMENT REPORT 70 <br />There was no report from the Public Safety Department. 71 <br />PUBLIC SERVICES DEPARTMENT REPORT 72 <br />A) Consider Approval of Resolution No. 20-49, Accepting Quotes and Awarding a 73 <br />Construction Contract, 2020 Trail Maintenance Project – Public Services Director DeGardner 74 <br />reviewed his written staff report. Staff would like to accept quotes as indicated and proceed to 75 <br />contract for the work. He indicated on a map the areas planned for maintenance in 2020 and work 76 <br />that is planned. 77