CC MINUTES 05282019 - Laserfiche WebLink

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City Council Regular Meeting Minutes May 28, 2019 Page 6 1 Motion by Councilmember Stille, seconded by Councilmember Jenson, to approve Resolution 2 19-050; a Resolution Approving the Cost Participation and Maintenance Cooperative Agreement 3 with Hennepin County for the County Road C Improvement Project. 4 Motion carried 4-0. 5 6 G. Resolution 19-051; a Resolution Providing for the Sale of S2,975,000 General 7 Obligation Improvement Bonds, Series 2019A. 8 9 Finance Director Shelly Rueckert reviewed the pre -sale report. The proposed issue includes 10 financing New Money Portion — to finance various storm water improvements to address 11 flooding issues and installation of utilities and a new sidewalk along County Road C; and 12 Refunding Portion — to affect a current refunding of the 2010A and 2011 A GO Improvements 13 bonds. 14 15 Ms. Rueckert reviewed the Proposed Debt Issuance Schedule and provided the estimated sources 16 and uses of funds, estimated proposed debt service schedule and resolution authorizing Ehlers to 17 proceed with bonds sale for Council review. 18 19 Councilmember Stille asked when the true interest numbers were calculated and Ms. Rueckert 20 stated they were prepared within the last week. 21 22 Motion by Councilmember Jenson, seconded by Councilmember Gray, to approve Resolution 23 19-051; a Resolution Providing for the Sale of $2,975,000 General Obligation Bonds, Series 24 2019A. 25 Motion carried 4-0. 26 27 H. St. Anthony Finance Department Annual Report. 28 29 Finance Director Shelly Rueckert provided a summary of the 2018 Finance Department Annual 30 Report including the Mission Statement, Finance Department Organizational Chart, Finance 31 Starr, Core Accounting Functions, Finance Activity Unique to 2018, Technological Advances, 32 Long Term Financial Management, Support Staff to Agencies, and Milestones. The entire report 33 is available on the City website. 34 35 Councilmember Stille stated the report was great as always. He enjoys seeing members of the 36 Finance Department when coming to City Hall. 37 38 Councilmember Jenson stated all the reporting and transparency with government agencies 39 provides the City with a AAA rating. He thanked all the staff for contributing to that. 40 41 Councilmember Gray stated she did a great job about talking about her team and she is a great 42 leader for the City. 43 44 Mayor Faust stated last year 200,000,000 gallons of water were sold. He mentioned residents can 45 see how much water they are using on the website. He referred to the tiered usage of water. 46 Mayor Faust thanked the Finance Department for their work.