2003.01.21 CC Minutes - Laserfiche WebLink

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City Council meeting of January 21, 2003 Page 8 2003 CITY GOALS At its January 13, 2003 goal setting session, Council approved the 2003 City goals for the City of Hugo. The Council identified eight goals as its top priorities for the year, with the #1 goal being the redevelopment of the downtown area, with street standards. This is a primary objective of both the Planning Commission and Council as they move forward with the redevelopment of the downtown area. On behalf of the Council, Council member Petryk publicly announced the 2003 City goals and stated that these goals will be included in the next City newsletter. 1) downtown redevelopment & design standards; 2) CSAH 8/14 realignment; 3) CIP; 4) rural preservation & cluster housing ordinance; 5) LCMR grant application & JD2 restoration; 6) pavement management project; 7) L.G.U.; and 8) new public works site. Granger made motion, Puleo seconded, to accept the 2003 City goals for the City of Hugo as presented. All aye. Motion Carried. RETIREMENT OF BONNIE TORPE FROM THE RCWD (EMPLOYEE SINCE 19731 Mayor Fran Miron attended retirement of longtime employee of the RCWD, Bonnie Torpe, who served the district since 1973. Mayor Miron made a public announcement of the retirement proclamation, stating that Bonnie was presented with a Certificate of Appreciation from the City of Hugo. Mayor Miron stated that she was surprised with the recognition and also very appreciative. RESOLUTION CALLING FOR 1993 WATER REVENUE BONDS In 1993, the City issued $1,205,000 G.O. Water Revenue Bonds, the proceeds of which were used to finance construction of the south water tower, well, and adjacent watermains. The next principal payment of $140,000 is due February 1, 2003, leaving a balance of $150,000 with a coupon rate of 5%. The sinking fund has sufficient funds to retire these bonds. Since the coupon rate exceeds the rate we are earning on our investments, it makes economic sense to retire the remaining bonds early. Council considered a resolution drafted by the City's bond counsel, Briggs & Morgan, calling the bonds effective March 1, 2003. The Finance Director recommended passage of the resolution. City Administrator Mike Ericson stated that early retirement of these bonds would have a positive reflection on the City's bond rating. Petryk made motion, Granger seconded, to adopt RESOLUTION 2003.5 AUTHORIZING THE CALL OF THE OUTSTANDING G.O. WATER AND SEWER REVENUE BONDS OF 1993. VOTING AYE: Granger, Petryk, Puleo, Miron Motion Carried. INVITE TO PLANNING COMMISSION MEETING The City Council was invited to attend the Planning Commission meeting of January 23, 2003 to partake in a presentation by Quam Sumnicht and Associates on the implementation of the City's downtown development plans.