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City Council Regular Meeting Minutes December 11, 2007 Page 3 Motion carried unanimously (510) Motion by Councilmember Thuesen, seconded by Councilmember Stille, to approve Item A- the November 27, 2007 Council meeting minutes as presented. Ayes — 4, Nays — 0, Abstain — 1 (Thuesen). Motion carried. IV. PUBLIC HEARINGS. 10 None 11 12 V. REPORTS FROM COMMISSION AND STAFF 13 14 A. Presentation r:. norethy—Walt Rarnse Qtl ,.y �o s0ry--.: D:..,,. ,., � n :. 15 16 This item was removed from the agenda. 17 18 VI. GENERAL POLICY BUSINESS OF THE COUNCIL 19 20 A. Resolution 07-080; Resolution Calling Bonds for Redemption 21 22 Ms. Stacie Kvilvang, Ehlers and Associates, reported that in mid 2007, the City Council 23 completed a Financial Management Plan for the City. She stated that one of the components of 24 this plan was to review all the existing debts the City had issued and available funds to repay 25 debt services. She stated the debt study revealed that the City could pay off three existing bond 26 issues that are currently or will be callable in February 2008. Ms. Kvilvang stated the amount 27 for the bonds totals $943,998.25. 28 29 Councilmember Thuesen requested that Ms. Kvilvang explain the term `callable" relative to the 30 bonds. 31 32 Ms. Kvilvang explained that a bond issue that is callable means it could be paid off. 33 34 Councilmember Stille requested the rates on the bonds. 35 36 Ms. Kvilvang replied the rates range between four and five percent. 37 38 Councilmember Stille stated these bonds were issued in 1997 for the 35t" Avenue and Roosevelt 39 Street project; one in 1999 for the Wilson Avenue and Paul Street project, and in 2003 as a 40 refinancing of three other issues that were about 15 years old. 41 42 Ms. Kvilvang replied that was correct. 43 44 Mayor Faust commented that the City's oldest outstanding debt is only six years old and asked 45 Ms. Kvilvang to explain why this is good. 46