Agenda Packets - 2004/08/09 - Laserfiche WebLink

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Mounds View City Council July 26, 2004 Regular Meeting Page 7 Council Member Marty asked if the utilities are on the property, and Director Ericson stated there 1 is a storm sewer or a sanitary sewer easement at the south end of the property that would 2 continue to be protected by a new easement dedicated through the Velmier plat. 3 Council Member Marty asked if those were the only utilities that are on the property that aren’t 4 already on an easement, and Director Ericson said that was correct. 5 6 There were no public comments. 7 8 Mayor Linke closed the public hearing. 9 10 MOTION/SECOND: Marty/Gunn. To waive the reading and adopt Ordinance 744 as presented. 11 12 ROLL CALL: Linke/Marty/Stigney/Gunn. 13 14 Ayes –4 Nays – 0 Motion carried 15 16 E. Presentation of Bond Sale Results by Springsted, Inc. and Resolution 6309, 17 Accepting Proposal on the Competitive Negotiated Sale of $2,245,000 General 18 Obligation Improvement Bonds, Series 2004A and Providing for their issuance 19 and Pledging for the Security Thereof Special Assessments, and Levying a Tax 20 for the Payment Thereof. 21 22 Bob Thistle stated that the City’s credit rating had been raised from an A2 to an A1, which means 23 the City will be able to borrow money at a lower interest rate in the future. He stated in 2004 the 24 City had $90,000 cut from State aid, and this year there will be a $360,000 cut. He stated the 25 City’s debt burden is modest, and 97 percent of it will be paid off in less than ten years. 26 27 Mr. Thistle stated Wells Fargo Brokerage Services purchased insurance for this particular bond 28 issue, which means that it trades as a AAA. He stated the interest rate would be 3.89 percent. 29 Mayor Linke opened the public hearing. 30 31 MOTION/SECOND. Marty/Stigney. To adopt Resolution 6309 as presented. 32 33 Ayes-4 Nays-0 Motion carried. 34 35 F. Second Reading and Adoption of Ordinance 745, an Ordinance Approving 36 Amendments to Section 1204.02 Relating to Park Dedication Requirements. 37 38 Mayor Linke asked whether there were any changes since the First Reading, and Director Ericson 39 stated he would like to make one correction to page 3, which was highlighted, to read as follows: 40 “If an equivalent amount in cash from the subdivider for part or the entire portion required to be 41 dedicated is to be paid by the subdivider, such amount is due no later than at the time of final 42 approval of the proposed subdivision.” 43 44