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City Council Regular Meeting Minutes <br />May 10, 2022 <br />Page 2 <br />I C. Claims. <br />2 D. Resolution 22-045 — Resolution Approving a Request to Keep Four (4) Female Chickens <br />3 in an R-1 Zoning District at 3304 32"d Avenue NE. <br />4 <br />5 Motion by Councilmember Webster, seconded by Councilmember Jenson to approve the <br />6 Consent Agenda items. <br />Motion carried 5-0. <br />10 IV. PUBLIC HEARING — NONE. <br />11 <br />12 V. REPORTS FROM COMMISSION AND STAFF — NONE. <br />13 <br />14 VI. GENERAL BUSINESS OF COUNCIL. <br />15 <br />16 A. Resolution 22-046 — Resolution Relating to $2,385,000 General Obligation Improvement <br />17 Bonds, Series 2022A; Authorizing the Issuance. Awarding the Sale, Fixing the Form and <br />18 Details, Providing for the Execution and Delivery Thereof and the Security Therefor and <br />19 Levying Ad Valorem Taxes for the Payment Thereof <br />20 <br />21 Stacie Kvilvang, Ehlers & Associates, reported that the bond sale occurred earlier this morning <br />22 for the 2023 street reconstruction projects. Prior to the bond sale there was a ratings call, and the <br />23 AA rating of the City was affirmed. Three bids were received with Northland Securities being <br />24 the low bidder with a true interest cost of 3.19 percent. She noted that the bonds were reduced <br />25 by $5,000. <br />26 <br />27 Mayor Stille stated that the anticipated interest cost at the last meeting was 2.91 percent but <br />28 recognized that interest rates are rising. He asked for an update on what has been seen with <br />29 interest rates in the last ten years. <br />30 <br />31 Ms. Kvilvang stated that in the past ten years all of the interest rates have predominantly been <br />32 under three percent, but prior to that period the interest rates were well over that and closer to <br />33 four percent. She noted the ebb and flow from the recession in 2009 and then creeping back up. <br />34 <br />35 Motion by Councilmember Webster, seconded by Councilmember Randle, to approve <br />36 Resolution 22-046 — Relating to $2,385,000 General Obligation Improvement Bonds, Series <br />37 2022A; Authorizing the Issuance, Awarding the Sale to Northland Securities, Fixing the Form <br />38 and Details, Providing for the Execution and Delivery Thereof and the Security Therefor and <br />39 Levying Ad Valorem Taxes for the Payment Thereof. <br />40 <br />41 Motion carried 5-0. <br />42 <br />43 B. Resolution 22-047 — Resolution Approving the Use of Central Park Pavilion and Parking <br />44 Lot for a Special Event on June 4, 2022. <br />45 <br />