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Mounds View City Council April 10, 2017 <br />Regular Meeting Page 3 <br /> <br />Finance Director Beer requested the Council award the sale of $6,000,000 in general obligation <br />capital improvement plan bonds, fixing their form and specifications, directing their execution <br />and delivery and providing for their payment for construction of the new Public Works Facility. <br />He discussed the history of this project and recommended approval of the bond sale. It was <br />noted the sale of the bonds would be completed on May 4th. <br /> <br />Mayor Mueller asked how the City’s new bond rating would impact the interest rate for the <br />proposed bond sale. Finance Director Beer stated the new bond rating would lower the interest <br />rate on the bonds, which was beneficial to the City of Mounds View. <br /> <br />Mayor Mueller questioned when the City would begin making payments on the bonds. Finance <br />Director Beer reported this would begin in January of 2018. <br /> <br />Council Member Gunn requested further information on the bond bidding process. Shelly <br />Eldridge, Ehlers & Associates, described the bond bidding process in detail with the Council. <br />She noted the City received a premium bid rate with cash back. She discussed how tight the <br />bidding process was and noted there was national interest in the City’s bonds. <br /> <br />Mayor Mueller thanked staff for the thorough bond report. She commended the Finance <br />Department and City Administrator Ericson for all of their efforts on achieving such a high S&P <br />bond rating. <br /> <br />MOTION/SECOND: Meehlhause/Gunn. To Waive the Reading and Adopt Resolution 8745, <br />Awarding the Sale of $6,000,000 General Obligation Capital Improvement Plan Bonds, Series <br />2017A; Fixing Their Form and Specifications; Directing Their Execution and Delivery; and <br />Providing for Their Payment. <br /> <br /> Ayes – 4 Nays – 0 Motion carried. <br /> <br />C. Resolution 8743, Allowing the Mounds View Police Foundation to Use <br />“Mounds View Police Department” in its Marketing Materials. <br /> <br />City Administrator Ericson requested the Council allow the Mounds View Police Foundation to <br />use “Mounds View Police Department’ in their marketing materials. He explained the proposed <br />Resolution was required per State Statute. Staff recommended approval of the Resolution. <br /> <br />Council Member Gunn requested information on the Mounds View Police Foundation. Katrina <br />Joseph, Mounds View Police Foundation, 3444 Benjamin Street in Minneapolis, explained that <br />this group grew out of the Council’s desire to improve community outreach between the Police <br />Department and the City of Mounds View residents. She reported the foundation was a non- <br />profit organization that worked to provide volunteers and funding for community outreach <br />programs, such as “Bowling with a Cop”. She discussed the donations that the foundation had <br />received to date and thanked the Council for their support. <br /> <br />Council Member Gunn asked how residents could make a donation to this organization. Ms.