10/25/2004 Council Minutes - Laserfiche WebLink

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COUNCIL MINUTES October 25, 2004 APPROVED 49 CATHOLIC CHURCH Approved • 50 51 D. CONSIDER APPROVAL OF APPLICATION TO 52 CONDUCT EXCLUDED BINGO, BLUE HERON 53 P.T.O. Approved 54 55 E. CONSIDER APPROVAL OF MINUTES OF 56 OCTOBER 6, 2004 COUNCIL WORK SESSION Approved 57 58 F. CONSIDER APPROVAL OF MINUTES OF 59 OCTOBER 12, 2004 CITY COUNCIL MEETING Approved 60 61 FINANCE DEPARTMENT REPORT, AL ROLEK 62 63 A. Award Sale of Bonds 64 65 i. Consideration of Resolution No. 04-163 Awarding the Sale of $1,330,000 G.O. 66 Improvement and Utility Revenue Bonds, Series 2004A, Al Rolek 67 68 Finance Director Rolek summarized his Staff report, and introduced Terri Heaton from Springsted, 69 Inc. 70 71 Terri Heaton, consultant from Springsted, Inc. reviewed the City's Moody's rating, which is Al, • 72 stating this is an upgrade and a very good rating. She reviewed the three bids and interest rates, 73 noting they are below the estimate due to the upgraded rating. She read the Moody's report which 74 discussed the reason for the upgrade, and congratulated the Council on the new rating. She 75 encouraged the Council to accept the low bid from Cronin and Company. 76 77 Councilmember Dahl moved to adopt Resolution No. 04-163 Awarding the Sale of $1,330,000 G.O. 78 Improvement and Utility Revenue Bonds, Series 2004A, to Cronin and Company, Inc., as outlined in 79 the Staff report. Councilmember Stoltz seconded the motion. 80 81 Motion carried unanimously. 82 83 Resolution No. 04-163 can be found in the City Clerk's office. 84 85 Councilmember Stoltz congratulated Staff on the upgraded rating, noting it reflects the integrity and 86 hard work of the finance department. 87 88 ADMINISTRATION DEPARTMENT REPORT, DAN TESCH 89 90 There was none. 91 92 PUBLIC SAFETY DEPARTMENT REPORT, DAVE PECCHIA 93 94 There was none. .95 96 PUBLIC SERVICES DEPARTMENT REPORT, RICK DEGARDNER 2