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City Council Regular Meeting Minutes March 10, 2020 Page 2 1 does provide services for other entities and other municipalities at a much higher rate to make 2 sure CTV can continue to provide value to the core cities the best they can. 3 4 Mayor Stille explained St. Anthony could not do this on their own in St. Anthony. He stated 5 they need to be able to collaborate with other communities and leverage those resources. What 6 CTV brings to St. Anthony is very important. He stated they appreciate that. 7 8 III. CONSENT AGENDA. 9 10 A. Approve February 26, 2020, Council meeting minutes. 11 B. Licenses and permits. 12 C. Claims. 13 14 Motion by Councilmember Randle, seconded by Councilmember Jenson, to approve the Consent 15 Agenda items. 16 17 Motion carried 5-0. 18 19 IV. PUBLIC HEARING. 20 21 A. Resolution 20-022; a Resolution Adopting a Five -Year Street Reconstruction and 22 Overlay Plan (the "Plan"); and the Issuance of General Obligation Street Reconstruction 23 and Overlay Bonds (the "Bonds") to finance the reconstruction and mill and overlay of 24 certain streets in the City. 25 26 Mr. Keith Dahl, Ehlers & Associates, made a presentation to the City Council regarding the 27 street reconstruction plan and 2020 bonding. 28 29 Councilmember Jenson asked when talking about the assessment process, even though it is 30 moving to a slightly different bonding process, the benefited owners are still being assessed. Mr. 31 Dahl indicated that was correct. He thought with the proposed financing they have the 32 assessments would be a little over ten percent, not enough to get to the twenty percent to use the 33 traditional financing mechanism that the City has used for the past few years. 34 35 Councilmember Jenson asked if that was twenty percent of the total cost. Mr. Dahl indicated 36 that was correct. 37 38 Mayor Stille asked regarding the overall market being rather in turmoil the last few days, interest 39 rates included he has never seen rates this low, what is being seen in Municipal rates right now. 40 Mr. Dahl explained interest rates were low in 2019 and now the rates are at historic lows in 2020 41 with concerns around the Coronavirus and the fear of investors leaving the risky investment 42 options to go into less risky investment options which happens to be the Municipal Market. 43 More demand is being put in the market and the interest rates will be going down for those 44 investments. That is why they are seeing historic lows in the Municipal Market for debt 45 issuance. With this project they expect to see interest rates range from probably .9 percent to 2 46 percent over the term of this financing.