HomeMy WebLinkAbout043007 Special Meeting MinutesCity Council Meeting Minutes
April 30 , 2007
SPECIAL COUNCIL MEETING MINUTES
CALL TO ORDER
Present were Mayor Haugen, Councilmembers Erickson, Hedberg, LeMair and Millar , City Manager
Boyles, City Attorney Pace , Finance Director Teschner , Assistant City Manager Meyer, Communications
Coordina tor Peterson and Admini s trative As sistant Green.
NEW BUSINESS
Consider Approval of:
1. A Resolution Authorizing the Issuance of $1,400,000 General Obligation Street Reconstru c tion
Bonds of 2007.
2. A Resolution Authorizing the Issuance of $8,500,000 Water Tre atment Plant Water Revenue
Bonds of 2007.
Finance Director Teschner identified what the bonds will be used for. Dick Asleson, Northland Secur i-
ties representative, presented resolutions to the Council to a u thorize the issuan ce of the above - mentioned
bond s at the rates of 3.94 and 4.27 percent, respectively. Long - term interest savings will be $108,000.
Comments:
Millar: Commented that this bond sale represents good financial management services from Northland
Securities and Teschner and the savings to t he City is si g nificant.
Hedberg: Compliment ed staff on a j ob well done.
LeM air: W ill support the resolutions and commended Teschner and Northland Securities for the sa v ings.
Erickson : Concurs with previous remarks and added that it was nice to be able t o keep the business local.
Haugen: Commented that the low interest rate validates the importance of a favorable bond rating and the
City’s bond rating has proven to be a si g nificant benefit to our citizens.
Asleson: Responded that the bond rating is att ractive and the bond insurance tweaks it a bit more.
Millar: Asked about the likelihood of the City improving its bond rating .
Teschner: Replied that he has requested the next step of bond rati ng increase citing the audit reports,
building plan and mas ter capital plan as validation for the request. Reported the City may be ready for the
next bond level in two years or so.
A MOTION WAS MADE BY HEDBERG, SECONDED BY MILLAR TO A PPROVE RESOLUTION 07 - 075
AUTHORIZING THE ISSUANCE OF $1,400,000 GENERAL OBL IGATION STREET RECONSTRUCTION
BONDS , SERIES 2007B AND LEVYING A TAX FOR THE PAYMENT THEREOF.
VOTE: Ayes by Haugen, Erickson, Hedberg, LeMair and Millar. The motion carr i ed.
A MOTION WAS MADE BY HEDBERG, SECONDED BY MILLAR TO APPROVE RESOLUTION 07 - 076
AU THORIZING THE ISSUANCE OF $8,500,000 GENERAL OBLIGATION WATER TREATMENT PLANT
1
City Council Meeting Minutes
April 30 , 2007
REVENUE BONDS , SERIES 2007A AND PLEDGING FOR THE SECURITY THEREOF WATER SYSTEM
NET REVENUES .
VOTE: Ayes by Haugen, Erickson, Hedberg, LeMair and Millar. The motion carried.
ADJ OURNMENT
With no further comments from Council members, a motion to adjourn was made by Millar and s e c onded
by Hedberg. With all in favor, the meeting adjourned at 6:1 4 p.m.
____ _______________________________ ___________________________________
Frank Boyles, City Manager Charlotte Green, Administrative Asst.
2