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City Council Regular Meeting Minutes July 8, 2025 Page 2 1 Motion carried 4-0. 2 3 VII. PUBLIC HEARING - NONE. 4 5 VIII. REPORTS FROM COMMISSION AND STAFF - NONE. 6 7 IX. GENERAL BUSINESS OF COUNCIL. 8 9 A. Resolution 25-050 — Relating to the $1 570 000 General Obligation Improvement Bonds 10 Series 2025A, Authorizing the Issuance, Awarding the Sale, Fixing the Form and Details, 11 Providing for the Execution and Delivery thereof and the Security Therefore and LMi 12 Ad Valorem Taxes for the Payment Thereof. 13 14 Mr. Keith Dahl of Ehlers and Associates reviewed the sale results for the Series 2025A General 15 Obligation Improvement Bonds. He congratulated the City on the rating upgrade to AA+. There 16 was positive financial performance over the past several years. He reviewed the rating report. 17 92% of the City's debt will be repaid within the next 10 years. He reviewed a general 18 background on the bonds that were sold. 4 bids were received earlier today. The spread was 19 approximately 10 basis points. $1.570 million was the final bond amount. The interest rate was 20 3.48%. There is substantial interest in cost savings in the City. TD Securities USA LLC, New 21 York, New York, is the recommended bidder. 22 23 Councilmember Doolan and Councilmember Elnagdy thanked Mr. Dahl for explaining the value 24 of the upgraded rating. Mayor Webster thanked Mr. Dahl for sharing the great news. Mayor Pro 25 Tem Jenson thanked City Staff for their work in achieving the AA+ rating and noted it is a 26 benefit to the City. 27 28 Motion by Councilmember Elnagdy, seconded by Councilmember Doolan, to approve 29 Resolution 25-050 — A Resolution Relating to the $[PAR] General Obligation Improvement 30 Bonds, Series 2025A; Authorizing the Issuance, Awarding the Sale, Fixing the Form and Details, 31 Providing for the Execution and Delivery thereof and the Security Therefore and Levying Ad 32 Valorem Taxes for the Payment Thereof. 33 34 Motion carried 4-0. 35 36 B. 2024 Finance Audit. 37 38 Mr. Andy Hering of Redpath CPA reviewed a PowerPoint for the 2024 Audit Results. The 39 reports issued include the Annual Comprehensive Financial Report, Which Includes the 40 Independent Auditor's Report, Report on Internal Controls, Report on Minnesota Legal 41 Compliance, and Communication with Those Charged with Governance. 42 43 The Audit Team determined that the financial statements are presented by GAAP and are free of 44 material misstatement. The Team planned and performed audit procedures to verify occurrence, 45 completeness, accuracy, cutoff, and classification using Audit techniques. An unmodified or 46 "clean" opinion was issued on the 2024 financial statements.