Agenda Packets - 2017/04/07 - Laserfiche WebLink

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Mounds View City Council April 10, 2017 Regular Meeting Page 3 Finance Director Beer requested the Council award the sale of $6,000,000 in general obligation 1 capital improvement plan bonds, fixing their form and specifications, directing their execution 2 and delivery and providing for their payment for construction of the new Public Works Facility. 3 He discussed the history of this project and recommended approval of the bond sale. It was 4 noted the sale of the bonds would be completed on May 4th. 5 6 Mayor Mueller asked how the City’s new bond rating would impact the interest rate for the 7 proposed bond sale. Finance Director Beer stated the new bond rating would lower the interest 8 rate on the bonds, which was beneficial to the City of Mounds View. 9 10 Mayor Mueller questioned when the City would begin making payments on the bonds. Finance 11 Director Beer reported this would begin in January of 2018. 12 13 Council Member Gunn requested further information on the bond bidding process. Shelly 14 Eldridge, Ehlers & Associates, described the bond bidding process in detail with the Council. 15 She noted the City received a premium bid rate with cash back. She discussed how tight the 16 bidding process was and noted there was national interest in the City’s bonds. 17 18 Mayor Mueller thanked staff for the thorough bond report. She commended the Finance 19 Department and City Administrator Ericson for all of their efforts on achieving such a high S&P 20 bond rating. 21 22 MOTION/SECOND: Meehlhause/Gunn. To Waive the Reading and Adopt Resolution 8745, 23 Awarding the Sale of $6,000,000 General Obligation Capital Improvement Plan Bonds, Series 24 2017A; Fixing Their Form and Specifications; Directing Their Execution and Delivery; and 25 Providing for Their Payment. 26 27 Ayes – 4 Nays – 0 Motion carried. 28 29 C. Resolution 8743, Allowing the Mounds View Police Foundation to Use 30 “Mounds View Police Department” in its Marketing Materials. 31 32 City Administrator Ericson requested the Council allow the Mounds View Police Foundation to 33 use “Mounds View Police Department’ in their marketing materials. He explained the proposed 34 Resolution was required per State Statute. Staff recommended approval of the Resolution. 35 36 Council Member Gunn requested information on the Mounds View Police Foundation. Katrina 37 Joseph, Mounds View Police Foundation, 3444 Benjamin Street in Minneapolis, explained that 38 this group grew out of the Council’s desire to improve community outreach between the Police 39 Department and the City of Mounds View residents. She reported the foundation was a non-40 profit organization that worked to provide volunteers and funding for community outreach 41 programs, such as “Bowling with a Cop”. She discussed the donations that the foundation had 42 received to date and thanked the Council for their support. 43 44 Council Member Gunn asked how residents could make a donation to this organization. Ms. 45