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COUNCIL MINUTES SEPTEMBER 27, 2004 <br />APPROVED <br />49 C. CONSIDERATION OF APPROVAL OF <br />•50 MINUTES OF AUGUST 23, 2004 CITY COUNCIL <br />51 MEETING Removed <br />52 <br />53 E. CONSIDERATION OF APPROVAL OF <br />54 MINUTES OF AUGUST 26, 2004 ANNUAL <br />55 BUDGET WORK SESSION Removed <br />56 <br />57 F. CONSIDERATION OF APPROVAL OF <br />58 MINUTES OF SEPTEMBER 2, 2004 SPECIAL <br />59 COUNCIL WORK SESSION, LEGACY PROJECT Removed <br />60 <br />61 G. CONSIDERATION OF APPROVAL OF <br />62 MINUTES OF SEPTEMBER 8, 2004 COUNCIL <br />63 WORK SESSION Approved <br />64 <br />65 FINANCE DEPARTMENT REPORT, AL ROLEK <br />66 <br />67 A. Consideration of Resolution No. 04-142 Authorizing the Sale of General Obligation <br />68 Improvement Bonds Series 2004A <br />69 <br />70 Finance Director Rolek summarized the Staff report, and introduced Terry Heaton from Springsted, <br />71 Inc. <br />S72 <br />73 Terry Heaton advised this bond issuance is really two separate bonds; for street improvements and <br />74 water improvements. She stated they have been combined into one to increase marketability and <br />75 decrease issuance costs. She explained the repayment terms, and noted there are sufficient water <br />76 revenues to pay for that portion. She indicated they will ask Moody's to look at they City's rating, <br />77 but the current rating is A2. She stated there are also still very good rates in the market. <br />78 <br />79 Councilmember Carlson questioned if either of the developments was paying up front, or if both <br />80 would be assessed. Finance Director Rolek indicated both would be assessed. <br />81 <br />82 Councilmember Dahl questioned how the fact that Holly Drive is a State Aid street would affect their <br />83 reimbursement and ability to pay this back quickly. Finance Director Rolek advised both projects are <br />84 State Aid streets, but the utility portion is being financed wholly by the City and financed by these <br />85 bond revenues. <br />86 <br />87 Councilmember Stoltz asked if the interest rate is based on the Moody's rating, or if it is affected by <br />88 the revenue stream also. Ms. Heaton stated it is mainly based on the Moody's A2 rating. <br />89 <br />90 Councilmember Reinert moved to adopt Resolution #04-142 providing for the Issuance and Sale of <br />91 $1,330,000 G.O. Improvement and Utility Bonds, Series 2004A. Councilmember Carlson seconded <br />92 the motion. <br />93 <br />94 Motion carried unanimously. <br />.95 <br />96 Resolution No. 04-142 can be found in the City Clerk's office <br />2 <br />