CC MINUTES 03252014 - Laserfiche WebLink

Home Browse Search

I 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 2 City Council Regular Meeting Minutes March 25, 2014 Page 2 A. Resolution 14-026; Resolution Relating to $2.070.000 General Obligation Improvement Bonds, Series 20 14A; Awarding the Sale, Fixing the Form and Details and Providing for the Execution and Delivery Thereof and Security Therefor and Levying Ad Valorem for the Payment Thereof. Shelly Eldridge, Ehlers & Associates, presenting. Mayor Faust introduced Ms. Shelly Eldridge from Ehlers & Associates. Ms. Eldridge explained that on February 25 , 2014 , the City Council called for the sale of $2 ,070,000 General Obligation Improvement Bonds to pay for the 2014 street projects and the City received four bids with Northland Securities , Inc., the winning bidder with a true interest rate of2.7421%. She advised that the bidding was tight with the second and third bids were within ten basis points of the lowest bid and they believe this is reflective of the market today. She stated that the principal amount did not change but the net proceeds increased by $37 ,000 because the City received a premium bid and the premium can be used to pay the interest rate down or it can be used for additional project costs. She advised that the City opted to keep the premium bid and if the funds are not needed for project costs, the funds can go into the debt service fund to pay interest and principal. She advised that the market has been soft for municipal bonds and there has not been a lot of demand for bonds and they believe that getting four bids is representative of the current demand in the market. Councilmember Stille requested confirmation that the City would add the premium to the contingency fund for the 2014 street proj ect and the extra money used to pay down the debt. City Manager Casey replied that this was correct. Motion by Councilmember Roth, seconded by Councilmember Gray , to approve Resolution 14- 026 ; a Resolution Relating to $2,070 ,000 General Obligation Improvement Bonds , Series 2014A; Awarding the Sale , Fixing the Form and Details and Providing for the Execution and Delivery Thereof and Security Therefor and Levying Ad Valorem for the Payment Thereof, awarding the winning bid to Northland Securities, Inc., at an interest rate of2.7421%. Motion carried unanimously. C. 2013 Police Department Annual Report. John Ohl, Police Chief, presenting. Police Chief Ohl presented the Police Department 2013 Annual Report and discussed how being a good citizen affects quality law enforcement because the Police Department relies on its citizens to help them in their efforts and this relationship revolves around trust and citizen engagement. He stated there were 407 Part I crimes in 2013, an increase of 32 crimes and all were attributable to gas station drive-offs, adding that the Police Department is working with the gas stations on a better system to deal with drive-offs and they are making some progress. He stated there were nine additional Part" crimes in 2013 and noted that there was a significant decrease in criminal damage to property crimes. He stated the Police Department responded to 6 ,482 calls for service in 2013 with 317 calls regarding suspicious parties, 48 domestics , 149 disturbance calls, and 138 alarms . He reminded residents that the Police Department always encourages residents to call 911 and the Police Department enjoys taking those calls. He advised