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