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LAKE ELMO CITY COUNCIL MINUTES JUNE 9, 2015 <br /> <br />Page 2 of 6 <br /> <br />FINANCE CONSENT AGENDA <br />2. Approve Payment of Disbursements <br />3. Accept Assessors Report dated April 30, 2015 <br />4. Approve Tax Abatement Payment for Valley Cartage <br />5. Approval of Fund Transfers for 2014; Resolution No. 2015-48 <br />MOTION: Council Member Bloyer moved TO APPROVE THE FINANCE CONSENT AGENDA AS <br />PRESENTED. Council Member Smith seconded the motion. MOTION PASSED 5-0. <br />OTHER CONSENT AGENDA <br />6. 39th Street N: Street & Sanitary Sewer Improvements – Pay Request No. 5. <br />7. Pumphouse No. 4 Improvements – Pay Request No. 8 (FINAL). Postponed <br />8. Section 34 Pressure Reduction Valve Station Pay Request No. 2 <br />9. Encroachment Agreement – 12409 Marquess Way N <br />10. Approve Temporary Liquor License for Jaycees – Huff ‘n Puff Days <br />MOTION: No formal motion for approval made. Mayor called for “all those in favor.” MOTION <br />PASSED 5-0. <br />REGULAR AGENDA ITEM 5: APPROVAL OF FUND TRANSFERS FOR 2014; RESOLUTION NO. 2015-48 <br />The Village Fund transfer was clarified. Finance Director Bendel explained it was an internal loan and the last <br />payment is scheduled for 2015. <br />MOTION: Mayor Pearson moved TO APPROVE RESOLUTION NO. 2015-48, AUTHORIZING <br />THE BALANCE TRANSFERS BETWEEN FUNDS AS PROPOSED AND BUDGETED FOR 2014. Council Member Lundgren seconded the motion. MOTION PASSED 5-0. <br />ITEM 11: 2015 CAPITAL IMPROVEMENT FINANCING PLAN; APPROVAL OF THE <br />ISSUANCE OF G.O. BONDS SERIES 2015A; RESOLUTION NO. 2015-49 <br />Finance Director Bendel stated that the City needs to bond approximately $2.8M for capital improvements. <br />Tammy Omdahl from Northland Securities presented the bond sale plan, noting that a 2.3% interest rate <br />with July 7th sale date is expected. <br />MOTION: Council Member Bloyer moved TO APPROVE RESOLUTION NO. 2015-49 AUTHORIZING <br />THE ISSUANCE AND SALE OF GENERAL OBLIGATION BONDS, SERIES 2015A IN THE <br />AMOUNT OF $2,815,000. Council Member Lundgren seconded the motion. MOTION PASSED 5-0. <br />ITEM 12: COOPERATIVE AGREEMENT WITH WASHINGTON COUNTY FOR <br />DOWNTOWN STREET AND UTILITY PROJECT <br />City Administrator Zuleger presented the proposed cooperative agreement and the payment schedule. <br />The timing of the bonding was explained, and the timing of future bonding would be adjusted for the project <br />schedule. It was asked how the initial idea of the 5-year funding plan came about and why it was no longer <br />and option. Frank Ticknor from Washington County explained that the County’s capital limitations played a <br />part. Mr. Zuleger explained that the 5 year plan looked too much like a loan to the County Attorney’s office. <br />It was explained that had the project not been moved up in the County’s schedule, the 5 year finance plan <br />would still not be an option. <br />MOTION: Council Member Bloyer moved TO APPROVE THE COOPERATIVE AGREEMENT <br />BETWEEN THE CITY OF LAKE ELMO AND WASHINGTON COUNTY. Council Member Smith <br />seconded the motion. MOTION PASSED 5-0.