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City Council Regular Meeting Minutes 04 May 11, 2004 Page 4 1 2 Councilmember Horst suggested staff further discuss this issue with Community Services. 3 4 Councilmember Stille indicated he was involved with a group within the community that start ed 5 a league and they had four games scheduled. He indicated a momentum would need to be 6 established, as leagues were often already scheduled in other cities. 7 8 Chair Jindra noted many potential users did not realize there were lights available. 9 10 Councilmember Horst asked if hydro seeding would be needed each year at Silver Point Park. 11 Chair Jindra responded it would as long as the ice rink was placed over the baseball field. 12 13 Councilmember Horst asked if that expense was included in the budget. City Manager Mornson 14 responded it was, as a certain amount of restoration was anticipated each year. 15 16 Mayor Hodson thanked Chair Jindra for her report. 17 18 VI. GENERAL POLICY BUSINESS OF THE COUNCIL. 19 A. Resolutions 04-039 and 04-040; Sale of GO Bonds for 2004A and B. 20 It was noted Resolution 04-039 was a temporary improvement bond that would provide the City 21 with the revenue needed to complete the 39th Avenue Project between Silver Lake Road and 22 Stinson Boulevard. It was explained the funds to pay back the bonds would come from special 23 assessments against benefiting property owners, along with $750,000 assistance from the Federal 24 government for the project. 25 26 It was stated Resolution 04-040 was a General Obligation Improvement Bond in the amount of 27 $1,790,000, which would provide the funding necessary to construct the 2004 street project 28 consisting of Belden Drive, Hilldale Avenue, 32°a Avenue and Townview Avenue. 29 30 It was recommended Council adopt Resolution 04-039 for sale of General Obligation Temporary 31 Bonds Series 2004B and Resolution 04-040 for sale of General Obligation Improvement Bonds 32 Series 2004A. 33 34 Jim Prosser, Ehlers and Associates, stated he was present to discuss the results of the competitive 35 bidding for the two bond issues. He indicated the first bond was a$1,790,000 General 36 Obligation Improvement Bond Series 2004A and the low bidder was Wells Fargo Bank offering 37 an interest rate of 4.2606%. He noted the issue was rated by Moody's and the City had sustained 38 an Al rating, which was excellent. He stated this was still a good market, as the interest rates 39 were relatively low, and, in addition, the community's good reputation helped provide the 40 positive results. 41 42 Mr. Prosser indicated it was recommended the $2,075,000 General Obligation Temporary 43 Improvement Bonds Series 2004B be a three-year temporary bond with a one-year call, as the 44 City could consider paying the temporary issue and refunding with cash when the funds were 45 available or could consider a longer-term issue for the remaining amount. He noted UMB Bank 46 from Kansas City offered a bid of 1.7015%; however, after the bid was received, the bidder