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City Council Regular Meeting Minutes February 13, 2007 Page 7 1 over the true interest cost of the Bonds. She stated the remaining balance would be paid from a 2 tax levy. The remaining balance will be paid through a tax levy. She stated the required 105 3 percent coverage on the Bonds show a need for the City to levy approximately $144,000 4 annually for this project. Ms. Kvilvang stated the impact on a $250,000 home is about $45 per 5 year. 6 7 Ms. Kvilvang stated an official statement would be distributed on March 1, 2007, a conference 8 with the rating agency would be held the week of March 5, 2007, the Bond sale would take place 9 on March 13, 2007 and the estimated closing date is April 6, 2007. 10 11 Mayor Pro -Tern Horst noted the bond sale has been moved to March 27, 2007. 12 13 Councilmember Stille asked about the rate environment. 14 15 Ms. Kvilvang replied the rate environment looks good and anticipates decent rates. 16 17 Motion by Councilmember Gray, seconded by Councilmember Thuesen, to approve Resolution 18 07 -028, A Resolution Providing For The Sale Of $2,050,000 General Obligation Improvement 19 Bonds Series 2007a. 20 21 Motion carried unanimously. 22 23 C. 2007 Goals Presentation: Mike Momson, City Manager & Stacie Kvilvang, Ehlers & 24 Associates. 25 26 Mr. Momson reviewed the Goals with the Council and indicated that Ehlers and Associates 27 helped the City with the Goal Setting session. He stated this is the beginning of the 28 communication process with the community. We will be presenting the 2007 Goals to the Parks 29 and Planning commissions, St. Anthony — New Brighton School Board and former elected 30 officials. 31 32 Ms. Kvilvang presented information on the January 11 -12, 2007 off -site retreat. She indicated 33 this is the opportunity for City Staff and City Council to work together to determine the goals for 34 the City, to resolve issues and understand direction of the City. 35 36 Ms. Kvilvang explained the process used to establish the 2007 goals. She indicated the group 37 spent time on key infrastructure areas and to forecast issues. She stated that secondly key 38 financial strategies were discussed and explained how goals are tracked. She explained the 39 mission statement was reviewed to ensure it still fits. 40 41 Ms. Kvilvang stated an environmental scan/SWOT analysis completed. She explained this 42 includes looking at the Strengths, Weaknesses, Opportunities, and Threats for the City. She 43 mentioned time was spent brainstorming and prioritizing goals. 44