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LAKE ELMO CITY COUNCIL MINUTES October 19, 2010 3 <br />A Resolution Authorizing the City to Participate in the Minnesota Blue Star Award <br />Program, Resolution No. 2010-056 <br /> <br />The City Council was asked to consider authorizing city staff to complete the online <br />assessment for becoming a Blue Star Award City. The Blue Star Award Program is <br />designed to promote and reward cities and townships who take a leadership role in <br />protection water quality through storm water management. <br /> <br />MOTION: Council Member Smith moved to approve Resolution No 2010-056 <br />authorizing the City of Lake Elmo to participate in the Minnesota Blue Star Award <br />Program. Mayor Johnston seconded the motion. The motion passed 4-0. <br /> <br />Review of 3rd Quarter of 2010 General Fund Budget (Unaudited) <br /> <br />Pursuant to City Council direction, the City Council is asked to receive an update on the <br />now closed 3rd Quarter 2010 General Fund (unaudited) and discuss any findings or trends <br />identified therein. Staff briefed the Council on the major identified findings and trends. <br />No specific action or motion is needed. <br /> <br />2010 Street Improvement Bond Financing Resolution No. 2010-057 <br /> <br />The City Council was asked to consider Resolution 2010-057 authorizing issuance, <br />awarding sale, prescribing the forms and details, and providing for the payment of <br />$710,000 General Obligation Improvement Bonds Series 2010A. <br /> <br />Paul Donna, Northland Securities, reported Moody’s assigned the City an “Aa2”credit <br />rating due to healthy liquidity, prudent management, conservative budgeting and modest <br />debt burden. <br /> <br />MOTION: Council Member Smith moved to approve Resolution No. 2010-057 <br />authorizing issuance, awarding sale prescribing the forms and details and for providing <br />the payment of the $710,000 General Obligation Improvement Bonds Series 2010A to <br />finance the City’s 2010 street improvements. Council Member DeLapp seconded the <br />motion. The motion passed 4-0. <br /> <br />Recommendation for 2004 Bond Refinancing Resolution No. 2010-058 <br /> <br />The City Council was asked to consider Resolution 2010-058 authorizing issuance, <br />awarding sale, prescribing the forms and details, and providing for the payment of <br />$1,975,000 General Obligation Improvement Bonds Series 2010B. <br /> <br />MOTION: Council Member DeLapp moved to approve Resolution No. 2010-058 <br />authorizing issuance, awarding sale prescribing the forms and details and for providing <br />the payment of the $1,975,000 General Obligation Capital Improvement Plan Refunding <br />Bonds Series 2010B. Council Member Smith seconded the motion. The motion passed 4- <br />0.