04-27-2015 Council Meeting Minutes

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COUNCIL MINUTES April 27, 2015 APPROVED 46 47 April 6, 2015 Council Work Session Minutes Approved 48 Council Member Kusterman absent 49 50 April 13, 2015 City Council Meeting Minutes Approved 51 52 Expansion of Premise, Outdoor Patio located at 53 8001 Lake Drive, Paleo's Approved 54 55 Resolution No. 15-43, Special Event Permit and 56 Parade Permit for Ethan's Reason Run and One -Mile 57 Walk Approved 58 59 Approval of Advisory Board Appointments 60 (Planning & Zoning and Environmental Board) Approved 61 62 FINANCE DEPARTMENT REPORT 63 64 2A) Resolution No. 15-44, Awarding the Sale of General Obligation Bonds, Series 2015A- 65 Finance Director Rolek reviewed his written staff report indicating that the city has previously 66 authorized the sale of bonds to finance street reconstruction and other street improvement projects in 67 2015. Bids on the sale of these bonds were opened this day and he introduced the city's financial 68 consultant, Terri Heaton, to review the results of the sale. 69 70 Ms. Heaton reviewed the bid tabulations provided to the council and explained that all elements of 71 the sale came together nicely. After bids for construction came in favorable, the budget for the 72 project was reduced significantly thus allowing a significatn reduction in the bond amount. There 73 were eight bids received which is a strong showing and she believes that is inspired by the city's 74 favorable bond rating of AA. The low interest rate bid came in at 2.08, lower than anticipated in 75 projections. She also reviewed the rating agency report on the city's bond rating. 76 77 Mayor Reinert noted that the City is two levels from the top bond rating, having moved up in the past 78 ten years. He is glad to see so much bidding on the city's bonds because it brings the best rate. He 79 thanked staff and Springsted for the good work in bringing this forward. Council Member Roeser 80 added his thanks to staff, including all those who work to keep the city strong through good 81 management. He recognizes that the favorable bond rating saves taxpayers' money. Council 82 Member Kusteiman noted recent discussion about the city's reserves and asked if that has any impact 83 on the bond rating? Ms. Heaton explained that the rating agencies do look at cash on hand and also 84 debt levels; apparently they feel that the city has struck a good balance since they offered a strong 85 rating. 86 87 Council Member Kusterman moved to approve Resolution No. 15-44 as presented at the City Council 88 meeting. Council Member Roeser seconded the motion. Motion carried on a voice vote. 89 90 2