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Favorable Credit Rating And lower Interest Rates
<br /> Lead To lower 2004 Tax levy
<br /> The City Council was able to lower the payable 2004 tax levy by$4,558 due to better than expected inter-
<br /> est rates received on capital equipment notes. The notes,totaling$875,000,were issued at a net interest
<br /> rate of 1.95%versus an estimated interest rate of 3.4%. The savings resulting from the lower interest rate
<br /> have been passed on to the taxpayers in the form of lower tax rates. The 2004 tax rate decreased by 7%.
<br /> Moody's Investor Services assigned an A3 rating to the issue that classifies the notes as investment grade.
<br /> Stacy Lingamfelter of Moody's states,"The rating reflects the City's favorable location north of the Twin
<br /> Cities,stable financial operations,and manageable debt profile." The proceeds of the notes are earmarked
<br /> to purchase big-ticket items such as a heavy rescue vehicle for the fire department and snow plowing and
<br /> road grading equipment in the public works department.
<br /> Meet Tom Denaway
<br /> Administrative Intern The total property tax levy of$2,655,425 for 2004 was adopted by the City Council at its December 15,
<br /> Tom Denaway began asix- 2003 meeting and is$248,735 higher than the previous year. Of this increase,$141,378 is needed to pay
<br /> month internship with the principal and interest on bonds. The remaining$107,357 of the increase is to replace a portion of Local
<br /> City of Hugo on January Government Aide that was cut by the state legislature.
<br /> 5,2004. As Administra-
<br /> tive Intern,he works 32
<br /> hours per week,primarily Progress Continues On New Public Works Building
<br /> assisting City Adminis-
<br /> trator Mike Ericson in a
<br /> variety of duties,as well At its January 20,2004 meeting,the Hugo City expect to present a recommendation to the City
<br /> as working with Finance Council approved plans and specifications for a Council in March regarding both a general contrac-
<br /> Director Ron Otkin new public works facility to be built on the Rice for and financing for the building. Construction of
<br /> updating the City's Capital Lake property. They also authorized the architect, the facility is expected to be completed in the fall,
<br /> Improvements Plan, Bob Russek from the Minneapolis firm Elsness with the goal of being fully operational by the end
<br /> researching area economic Swenson Graham,to advertise the project for bids. of 2004.
<br /> development authorities, Hugo Public Works Director Chris Petree explains
<br /> and doing human resources that the City will be asking for a base bid and two
<br /> work for the hiring of a alternate bids. "The base bid covers the main foot-
<br /> new Community Develop- print of the 15,400 square foot building,which is Take Note Of Maintenance
<br /> ment Director. Denaway designed to meet our needs for the next 3-5 years,"
<br /> graduated in December he notes. The alternates include a 3,600 square foot Activities In April
<br /> 2003 with a Bachelor's
<br /> Degree in political science addition in order to meet the City's needs for 8-10 Street Sweeping: Street sweeping of all paved
<br /> from the University of Years,as well as a 3,200 square foot community streets in the City of Hugo will begin Monday,
<br /> Minnesota at Duluth and room. "Depending on the cost,the Council may April 5,2004 and will continue for approximately
<br /> is currently a graduate stu- decide to add either or both of these alternates," three weeks,between the hours of 7:00 a.m.and
<br /> dent at Metropolitan State Petree adds. 7:00 p.m.Monday through Friday.
<br /> University in St.Paul,
<br /> working toward a Masters City Council member Mike Granger,a member of Hydrant Flushing: Hydrant flushing will begin
<br /> of Public Administration the Public Works Building Committee,indicates Monday,April 26,2004,and will take place
<br /> degree. Following gradu- that a great deal of time and work went into the Monday through Friday from 8:00 a.m.to 3:00
<br /> ation,Denaway hopes to plans for the new building. "We looked in great p.m.for approximately three weeks. Flushing
<br /> work for a city or other allows the Public Works Department to purge rust
<br /> detail at our needs,and we had a chance to inter-
<br /> local government,and his and stagnant water from the distribution system
<br /> view other cities about their facilities and visit
<br /> long-range goal is to be many actual buildings throughout the area." He and to identify hydrants in need of maintenance.
<br /> involved in government As a result of the hydrant flushing,it is inevitable
<br /> work at an international adds,"We're very happy with both the plans and that some residents will receive rust-colored water
<br /> level. Currently living in specifications for the building,as well as the Rice that could stain laundry. Please check that water
<br /> Minneapolis,Denaway Lake site." coming into your house is clear before doing any
<br /> grew up in Mahtomedi, laundry during this time. Any questions regarding
<br /> and he enjoys traveling and Bids will be reviewed by the Public Works Build- hydrant flushing should be directed to the Public
<br /> outdoor sports. ing Committee on February 25,2004,and they Works Department at 651-762-6300.
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