Laserfiche WebLink
1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <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 />47 <br />48 <br />City Council Regular Meeting Minutes <br />June 10, 2025 <br />Page 3 <br />$1,095,000 Mill and Overlay Portion — This portion of the Bonds is being issued for a 10- <br />year period. The City is utilizing $525,000 in existing TIF Funds from TIF Districts 3-5 <br />to pay for the portion of 39th Avenue improvements that run through the TIF District. The <br />size of bonds has been reduced to account for these funds. Debt service will be paid from <br />special assessments and taxes. The City intends to levy a total of $447,513 in special <br />assessments to benefit property owners, of which approximately $223,757 (50%) is <br />anticipated to be collected in pre -paid assessments. The Bonds have been reduced by this <br />amount accordingly. The remaining $223,756 of special assessments will be collected in <br />the years 2026 to 2035 at a rate of 2% over the True Interest Costs of the Bonds. Annual <br />assessments will be paid for on an equal principal basis. <br />Ms. Kvilvang reviewed that the Bonds are being issued under Minnesota Statutes, Chapters 429 <br />and 475. Because the City is assessing at least 20% of the project costs, the Bonds can be a <br />general obligation without a referendum and will not count against the City's debt limit. The <br />Bonds will be general obligations of the City for which its full faith, credit, and taxing powers <br />are pledged. <br />The Bonds are being issued for a term of 15 years. The principal on the Bonds will be due on <br />February 1 in the years 2028 through 2041. Interest will be due every six months beginning <br />August 1, 2026. The Bonds will be subject to prepayment at the discretion of the City on <br />February 1, 2035 or any date thereafter. The City will be able to designate the Bonds as "bank <br />qualified" obligations. The current rating on the bonds is "AA+". <br />Councilmember Doolan asked what the value is for being AA+. She also asked Ms. Kvilvang to <br />provide the interest rates due to the City's upgrade in rating. Ms. Kvilvang stated it is most likely <br />5-10 basis points. <br />Mayor Pro Team thanked Ms. Kvilvang for her thoroughness and accuracy, and for helping the <br />City with these bond sales. <br />Motion by Councilmember Elnagdy, seconded by Councilmember Doolan, to approve <br />Resolution 25-044 — Providing for the Sale of General Obligation Improvement Bonds, Series <br />2025A. <br />Motion carried 4-0. <br />X. REPORTS FROM CITY MANAGER AND COUNCIL MEMBERS. <br />City Manager Yunker had no report. <br />Councilmember Randle stated on May 29 that he attended the Sister Cities Meeting. More <br />Finnish representatives are coming to the USA this year, and the Ambassador of Finland will be <br />here July 26-30, 2025. A picnic is planned with City Staff and other representatives. <br />Councilmember Doolan reported that on May 15, she attended the Met Council Land Use <br />Advisory Commission. On June 9, she participated in Ramsey County's Active Living group. <br />Councilmember Elnagdy had no report. <br />