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City Council Regular Meeting Minutes <br />February 13, 2007 <br />Page 7 <br />1 over the true interest cost of the Bonds. She stated the remaining balance would be paid from a <br />2 tax levy. The remaining balance will be paid through a tax levy. She stated the required 105 <br />3 percent coverage on the Bonds show a need for the City to levy approximately $144,000 <br />4 annually for this project. Ms. Kvilvang stated the impact on a $250,000 home is about $45 per <br />5 year. <br />10 <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 />Ms. Kvilvang stated an official statement would be distributed on March 1, 2007, a conference <br />with the rating agency would be held the week of March 5, 2007, the Bond sale would take place <br />on March 13, 2007 and the estimated closing date is April 6, 2007. <br />Mayor Pro -Tem Horst noted the bond sale has been moved to March 27, 2007. <br />Councilmember Stille asked about the rate enviromnent. <br />Ms. Kvilvang replied the rate environment looks good and anticipates decent rates. <br />Motion by Comlcilmember Gray, seconded by Councilmember Thuesen, to approve Resolution <br />07-028, A Resolution Providing For The Sale Of $2,050,000 General Obligation Improvement <br />Bonds Series 2007a. <br />Motion carried unanimously. <br />C. 2007 Goals Presentation; Mike Mornson, City Manager & Stacie Kvilvang, Ehlers & <br />Associates. <br />Mr. Mornson reviewed the Goals with the Council and indicated that Ehlers and Associates <br />helped the City with the Goal Setting session. He stated this is the beginning of the <br />communication process with the community. We will be presenting the 2007 Goals to the Parks <br />and Planning commissions, St. Anthony — New Brighton School Board and former elected <br />officials. <br />Ms. Kvilvang presented information on the January 11-12, 2007 off-site retreat. She indicated <br />this is the opportunity for City Staff and City Council to work together to determine the goals for <br />the City, to resolve issues and understand direction of the City. <br />Ms. Kvilvang explained the process used to establish the 2007 goals. She indicated the group <br />spent time on key infrastructure areas and to forecast issues. She stated that secondly key <br />financial strategies were discussed and explained how goals are tracked. She explained the <br />mission statement was reviewed to ensure it still fits. <br />Ms. Kvilvang stated an environmental scan/SWOT analysis completed. She explained this <br />includes looking at the Strengths, Weaknesses, Opportunities, and Threats for the City. She <br />mentioned time was spent brainstorming and prioritizing goals. <br />0 <br />