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4 <br />6 <br />in <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />City Council Regular Meeting Minutes <br />March 27, 2007 <br />Page 5 <br />Mayor Faust explained he asked Chief Ohl to speak on the aforementioned incidences not to <br />alarm people but to encourage residents to be proactive. He encouraged residents to be alert to <br />increased criminal activity as summer approaches. He stated everyone is the eyes and ears to <br />help the Police Department keep the city safe. He reported St. Anthony exists between two large <br />cities and as they put the squeeze on criminal activity, criminals go to another area. He indicted <br />St. Anthony would also keep the pressure on. Mayor Faust asked residents to rest assured this is <br />not the easiest thing to say to the public, but an informed citizen is a better prepared citizen. <br />VI. GENERAL POLICY BUSINESS OF THE COUNCIL <br />A. Resolution 07 -033; Sale of General Obligation Improvement Bonds Series 2007A <br />Ms. Stacie Kvilvang, Ehlers and Associates, reported on the sale of general obligation <br />improvement bonds. She indicated that on February 14, 2007, Council authorized the process to <br />issue $2,050,000 in general obligation improvement bonds for the 2007 road reconstruction <br />project. She pointed out the official statement was prepare explaining sale details and mailed to <br />members of Council. <br />Ms. Kvilvang reported a rating agency call meeting was held with Moody Investor Services and <br />Mr. Roger Larson, Finance Director. She stated they went through the details of the financials, <br />contracts, expected improvements, major capital expenditures in future years, and debt levels. <br />She reported Moody upheld the Al bond rating for this issue. <br />Ms. Kvilvang reported Moody's indicated the economic prognosis for St. Anthony is strong as <br />the community is mature and experiencing redevelopment. She mentioned Moody's stated <br />Silver Lake Village is a positive for the community and the city is taking the initiative to grow <br />and expand its tax base. She stated Moody's highlighted that the city had satisfactory reserves <br />and a manageable debt burden due to tax base growth, support from non levy sources and a rapid <br />principle amortization. She mentioned Moody's was happy to see the financial management <br />planning process for the city. <br />Ms. Kvilvang presented the bid tabulation and stated the sale was held in her office on March 27, <br />2007. She reported seven bids were received with United Bankers Bank of Bloomington bidding <br />the lowest with a 3.9 percent true interest cost. Ms. Kvilvang recommends awarding the bid to <br />United Bankers Bank. <br />Councilmember Stille asked about the rating and if the new accounting firm used had any impact <br />on the rating they received and towards understand how the City is taking the correct steps to <br />manage city finances. <br />Ms. Kvilvang replied Moody's looked at the city's financial policies relative to debt to capital <br />reserves and how the City is managed. She stated Moody's pointed out the strong management <br />team in place and the annual goal setting was viewed as favorable for the community. <br />Mayor Faust commented on the great 3.9 percent rate. <br />