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City Council Regular Meeting Minutes March 27, 2007 Page 5 I Mayor Faust explained he asked Chief Ohl to speak on the aforementioned incidences not to 2 alarm people but to encourage residents to be proactive. He encouraged residents to be alert to 3 increased criminal activity as summer approaches. He stated everyone is the eyes and ears to 4 help the Police Department keep the city safe. He reported St. Anthony exists between two large 5 cities and as they put the squeeze on criminal activity, criminals go to another area. IIe indicted 6 St. Anthony would also keep the pressure on. Mayor Faust asked residents to rest assured this is 7 not the easiest thing to say to the public, but an informed citizen is a better prepared citizen. 9 VI. GENERAL POLICY BUSINESS OF THE COUNCIL 10 11 A. Resolution 07-033; Sale of General Obligation Improvement Bonds Series 2007A 12 13 Ms. Stacie Kvilvang, Ehlers and Associates, reported on the sale of general obligation 14 improvement bonds. She indicated that on February 14, 2007, Council authorized the process to 15 issue $2,050,000 in general obligation improvement bonds for the 2007 road reconstruction 16 project. She pointed out the official statement was prepare explaining sale details and mailed to 17 members of Council. 18 19 Ms. Kvilvang reported a rating agency call meeting was held with Moody Investor Services and 20 Mr. Roger Larson, Finance Director. She stated they went through the details of the financials, 21 contracts, expected improvements, major capital expenditures in future years, and debt levels. 22 She reported Moody upheld the Al bond rating for this issue. 23 24 Ms. Kvilvang reported Moody's indicated the economic prognosis for St. Anthony is strong as 25 the community is mature and experiencing redevelopment. She mentioned Moody's stated 26 Silver Lake Village is a positive for the community and the city is taking the initiative to grow 27 and expand its tax base. She stated Moody's highlighted that the city had satisfactory reserves 28 and a manageable debt burden due to tax base growth, support from non levy sources and a rapid 29 principle amortization. She mentioned Moody's was happy to see the financial management 30 planning process for the city. 31 32 Ms. Kvilvang presented the bid tabulation and stated the sale was held in her office on March 27, 33 2007. She reported seven bids were received with United Bankers Bank of Bloomington bidding 34 the lowest with a 39 percent true interest cost. Ms. Kvilvang recommends awarding the bid to 35 United Bankers Bank. 36 37 Councilmember Stille asked about the rating and if the new accounting firm used had any impact 38 on the rating they received and towards understand how the City is taking the correct steps to 39 manage city finances. 40 41 Ms. Kvilvang replied Moody's looked at the city's financial policies relative to debt to capital 42 reserves and how the City is managed. She stated Moody's pointed out the strong management 43 team in place and the annual goal setting was viewed as favorable for the community. 44 45 Mayor Faust commented on the great 3.9 percent rate. 46