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COUNCIL MINUTES November 9, 2009 <br />DRAFT <br />46 <br />47 <br />48 CONSENT AGENDA <br />49 <br />50 Council Member O'Donnell moved to approve the Consent Agenda. Council Member Gallup <br />51 seconded the motion. Motion carried. <br />52 <br />53 ITEM ACTION <br />54 <br />55 1A. Consideration of Expenditures: <br />56 i) November 9, 2009 (Check No. 87107 through 87173), <br />57 $297,996.64; Approved <br />58 ii) Centennial Fire District (Check No. 4012 through 4024), <br />59 $8,822.76 Approved <br />60 <br />61 1B. Approval of October 26, 2009 Council Work Session Minutes Approved <br />62 <br />63 1C. Approval of October 26, 2009 City Council Meeting Minutes Approved <br />64 <br />65 1D. Consideration of Resolution No. 09 -93, Accepting Donations <br />66 for the Gobbler Games Special Event Approved <br />67 <br />68 FINANCE DEPARTMENT REPORT, AL ROLEK <br />69 <br />70 2A. Consideration of Resolution 09 -97, Authorizing the Issuance of $4,335,000 <br />71 G.O. Revenue Note to Anoka County for the Reconstruction of the <br />72 I- 35E /CR 14 Interchange <br />73 Finance Director Al Rolek noted that the amount of the note has changed to $4,260,000 based <br />74 on current negotiations. A joint powers agreement (JPA) for reconstruction of the I- 35E/CSAH <br />75 14 interchange under a project led by Anoka County has been approved by the council. The <br />76 JPA calls for the city's portion of the project costs to be financed through the county and the city <br />77 would concurrently issue this note to secure it's payment to the county. He briefly reviewed the <br />78 terms of the proposed bonds and introduced Terri Heaton of Springsted, Inc (financial <br />79 consultant) and Steve Bubul of Kennedy & Graven (bond counsel). <br />80 <br />81 Ms. Heaton explained that the bonds were priced through Anoka County to come in with the <br />82 best possible interest rate. The interest rate is 3.49 percent based on a premium bid. <br />83 <br />84 Steve Bubul explained that the city is issuing the note because the county is constructing the <br />85 project and doing initial financing for the entire project. The process chosen to pay the county is <br />86 seen to be efficient and beneficial to the city. The numbers presented to the council are tied to <br />87 the debt service that the county is committing to as well as a small annual fee to be paid to the <br />88 county. <br />89 <br />90 Council Member O'Donnell moved to approve Resolution No. 09 -97 as presented. Council <br />2 <br />-23- <br />• <br />• <br />