09/25/2006 Council Minutes (2) - Laserfiche WebLink

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COUNCIL MINUTES SEPTEMBER 25, 2006 APPROVED • 1 September 6, 2006 Council Work Session 2 Minutes Approved 3 4 September 11, 2006 City Council Meeting 5 Minutes Approved 6 7 Resolution No. 06-157, Approving Final Pay Request, 8 2006 Street Overlay Project Approved 9 10 FINANCE DEPARTMENT REPORT, AL ROLEK 11 12 Consider Resolution No. 06-147 Providing for the Issuance and Sale of $3,025,000 General 13 Obligation Capital Improvement Plan Bonds Series 2006E — Finance Director Rolek advised 14 Minnesota Statutes Section 475.521 authorize the issuance of CIP bonds following a required public 15 hearing on and the adoption of a capital improvement plan calling for the improvement to be financed 16 in this manner The CIP calls for the acquisition of the City Hall and Police Department portions of 17 the Civic Center Complex from the Lino Lakes EDA to be financed through the issuance of CIP 18 Bonds. This action would refund approximately 80% of the outstanding Lease Revenue Bonds 19 1998A and would result in approximately $226,000 of present value savings. Springsted, Inc. has 20 issued their recommendation for the issuance of $3,025,000 G.O. Capital Improvement Plan Bonds 21 Series 2006E. • 22 23 Consider Resolution No. 06-148 Providing for the Issuance and Sale of $1,745,000 General 24 Obligation Water Revenue Refunding Bonds Series 2006F - — Finance Director Rolek stated by 25 refinancing the outstanding balance of the G.O. Water Revenue Bonds 1996B, it is estimated that the 26 City can achieve net present value savings of approximately $63,000 over the term of the issue. 27 Springsted, Inc. has issued their recommendation for the issuance of $1,745,000 G.O. Water Revenue 28 Refunding Bonds Series 2006F. 29 30 Finance Director Rolek advised that if approved, the bids for these two issues would be received on 31 October 23, 2006, with consideration for award of sale by the Council at its meeting the same day. 32 The Series 2006E issue would have a 12 -year term and would be repaid through property tax levies. 33 The Series 2006F issue would be repaid over the next five years through the use of utility and trunk 34 fees. 35 36 Ms. Tern Heaton, Springsted, Inc., came forward and reviewed the history of each of the bonds 37 noting the savings and pay-off date if the sale of the bonds is approved. 38 39 Council Member O'Donnell moved to approve Resolution No. 06-147, as presented. Council 40 Member Carlson seconded the motion. Motion carried unanimously. 41 42 Council Member Stoltz moved to approve Resolution No. 06-148, as presented. Council Member •43 Reinert seconded the motion. Motion carried unanimously. 44 45 2