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City Council Regular Meeting Minutes April 14, 2009 Page 2 V. REPORTS FROM COMMISSION AND STAFF. None. VI. GENERAL BUSINESS OF COUNCIL. A. Presentation by Jerry Hromatka, Northwest Youth and Family Services. 9 Mr. Jerry Hromatka, Northwest Youth and Family Services (NYFS), provided a presentation on 10 the services provided by the organization. He stated the primary emphasis of NYFS is youth ages 11 5 — 21 and the families that affect them. NYFS helps youth develop to their full potential. All 12 residents of St. Anthony are eligible for the services of NYFS. Mr. Hromatka provided 13 information on expanded programs offered by NYFS and the completion of the new Discovery 14 Center. Mr. Hromatka announced the upcoming Taste of Northwest Fundraiser and the May 6s' 15 Leadership Luncheon. 16 17 Councilmember Stille congratulated Mr. Hromatka on his new position as President/CEO of 18 NYFS and stated he brings a lot of vitality and energy to the organization 19 20 Mayor Faust thanked Mr. Hromatka for his work and commented on the return on investment of 21 funds the City provides to NYFS. He noted that last week's police report identified that a student 22 had been referred to NYFS, which is a better way to handle the situation than working through 23 the court. 24 25 B. Consider Resolution 09 -036, Relating to $5,175,000 General Obligation Bonds, Series 26 2009A, Awarding the Sale, Fixing the Form and Details and Providing for the Execution 27 and Delivery Thereof and Security Therefor and Levying Ad Valorem Taxes for the 28 Payment Thereof. Stacie Kvilvang, Ehlers & Associates, presenting, 29 30 Stacie Kvilvang, Ehlers & Associates, presented the City Council with a plaque of recognition 31 for the City's upgraded AA bond rating by Standard & Poors. 32 33 Mayor Faust stated this AA bond rating is a very significant event. The upgraded bond rating has 34 been a goal since he has been on the Council and it will result in lower interest rates for the City. 35 36 Ms. Kvilvang reviewed the proposed resolution relating to $5,175,000 General Obligation Bonds 37 Series 2009 for the 2009 Road Reconstruction Project, Improvements to Emerald Park, and to 38 refinance the 2000A and 2000B Bonds. She reported on the results of the bond sale held today at 39 noon. There were 10 bidders. RBC Capital Markets was the lowest responsible bidder at a true 40 interest cost of approximately 3.2 %. 41 42 Councilmember Stille verified with Ms. Kvilvang that the difference in spreads from the City's 43 previous A bond rating to the upgraded AA bond rating can be from 1.21 to 1.39 %, resulting in 44 an average savings of 1.3% just due to the increased bond rating. He pointed out that by 45 amortizing this bond issue over 10 years, it results in a savings in the aggregate of approximately