07/24/2006 Council Minutes (2) - Laserfiche WebLink

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COUNCIL MINUTES JULY 24, 2006 APPROVED • Consider Resolution No. 06-117, Awarding the Sale of $2,460,000 General Obligation Tax Increment Bonds Series 2006C — Finance Director Rolek advised the Series 2006C bond issue will be used to finance the City's $2,350,000 commitment toward the construction of the YMCA facility. The City's financial advisory, Springsted, Inc., received bids for this issue earlier today. • • Consider Resolution No. 06-118, Awarding the Sale of $570,000 General Obligation Utility Revenue Bonds Series 2006D — Finance Director Rolek advised the Series 2006 D will be used to finance public improvement projects for County Road 49 Watermain Improvements (in conjunction with the Anoka County bridge replacement project) and Lois Lane Street and Utility Improvements. Finance Director Rolek stated the City has received an upgrade on its bond rating, which will result in a lower interest rate on these bonds. Ms. Terri Heaton, Springsted, Inc., distributed and reviewed the bids that were received earlier today. She noted with the latest upgrade, the City is only three away from the highest rating possible. She stated this is very significant for the City and will save the City money. She outlined the reasons why the City was upgraded. She congratulated the City noting the City has been upgraded at a very quick pace within the past several years. Ms. Heaton recommended awards of the sale of the bonds go to the low bidder, Wells Fargo Brokerage Services, LLC. Mayor Bergeson opened the public hearing at 6:47 p.m. Council Member O'Donnell moved to close the public hearing at 6:47 p.m. Council Member Reinert seconded the motion. Motion carried unanimously. Council Member Reinert moved to approve Resolution No. 06-117, as presented. Council Member Stoltz seconded the motion. Motion carried unanimously. Council Member Carlson moved to approve Resolution No. 06-118, as presented. Council Member O'Donnell seconded the motion. Motion carried unanimously. ADMINISTRATION DEPARTMENT REPORT, DAN TESCH Permission for Use of City Property for Blue Heron Days Carnival — City Administrator Heitke advised the Blue Heron Days Committee is requesting use of the City -owned property, adjacent and south of the American Legion, to be the site of a "kiddies" carnival, to operate in conjunction with Blue Heron Days. The site will be used for this purpose August 18th through the 20th City Administrator Heitke stated staff has been in contact with the League of Minnesota Cities Insurance Trust and the City's insurance agent to determine appropriate insurance requirements of the carnival firm, performers and festival sponsors to minimize any liability exposure to the City. 2