Laserfiche WebLink
Metadata
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
Hugo City Council Meeting Minutes for September 7, 2021 <br />Page 5 of 6 <br />Approve Resolution Providing for the Issuance and Sale of General Obligation Tax <br />Abatement Bonds <br />At the August 2, 2021 City Council meeting, Council adopted a Resolution Providing for the <br />Competitive Negotiated Sale of $8,380,000 General Obligation Tax Abatement Bonds, Series <br />2021 A. The bonds would be issued to finance the Lions Park improvement project and related <br />improvements. Bids for the sale of the bonds were accepted until 11:00 am on Tuesday, <br />September 7, 2021. Financial Advisor Paul Steinman from Baker Tilly reviewed the bids and <br />explained five bids were received, and the winning bid was submitted by Robert W. Baird & <br />Co. at 1.582%. The next best bid was 1.588%. The dollar amount changed after the bid because <br />the City received a premium. The end borrowing amount was $8.17 million, and that deposited <br />a total of $8.65 million into the project construction fund. Steinman talked about the City's <br />bond rating explaining there was a rating call with Standard & Poors who affirmed the City's <br />AA+ rating. He said this was a small notch from an AAA rating. If the City's local economy <br />continued to improve, demonstrated by higher income indicators along with improvements to <br />the City's debt profile, the rating could be raised. If the City's financial performance were to <br />worsen due to imbalance resulting in declining reserves, the rating could be lowered. He talked <br />about last year's bond sale. The City sold $8 million in CIP Bonds with an almost identical true <br />interest cost as these, however they had a 25 year amortization structure and these were at 20 <br />years. Steinman recommended awarding the sale of the bonds to Robert W. Baird & Co. <br />Weidt made motion, Petryk seconded, to approve RESOLUTION 2021-60 ACCEPTING <br />OFFER ON THE SALE OF $8,170,000 GENERAL OBLIGATION TAX ABATEMENT <br />BONDS, SERIES 2021A, PROVIDING FOR THEIR ISSUANCE AND PLEDGING TAX <br />ABATEMENTS AND LEVYING A TAX FOR THE SECURITY AND PAYMENT <br />THEREOF. <br />Roll call vote: All Ayes. Motion carried. <br />Authorization to Prepare the Feasibility Study for the 2022 Oneka Parkway Improvement <br />Project <br />City Engineer Mark Erichson explained the five-year Capital Improvement Plan for roadway <br />infrastructure was approved in 2020 by the City Council as part of the City's overall five-year <br />Capital Improvement Plan. Next year's improvement project was identified as the 2022 Oneka <br />Parkway Improvement Project and included mill and overlay improvements along Oneka <br />Parkway from Frenchman Road (CSAH 8) to 149th Street N and full street reconstruction along <br />Oneka Parkway from 149th Street N to Heritage Parkway. Erichson asked Council to confirm <br />the improvements as outlined in the five-year Capital Improvement Plan remained the City's <br />next priority. Erichson provided a rough schedule that would begin with a public information <br />meeting.. <br />Klein made motion, Miron seconded, to approve RESOLUTION 2021-61 ORDERING <br />PREPARATION OF A FEASIBILITY REPORT FOR PUBLIC IMPROVEMENTS TO ALL <br />OR PORTIONS OF ROADWAYS IDENTIFIED AS THE 2022 ONEKA PARKWAY <br />IMPROVEMENT PROJECT. <br />All Ayes. Motion carried. <br />