Minutes - Council - 08/13/2013 - Laserfiche WebLink

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School Project with PACT Charter School to pay the City of Ramsey $25,000 per the Conduit Debt Policy and approximately $9,000 of additional interest expense related to the City's issuance of Capital Equipment Certificates. Motion carried. Voting Yes: Mayor Pro tem Backous, Councilmembers LeTourneau, Kuzma, Johns, Riley, and Tossey. Voting No: None. Absent: Mayor Strommen 7.03: Adopt Resolution #13 -08 -131 Authorizing the Issuance and Awarding the Sale of $635,000 General Obligation Equipment Certificates of Indebtedness, Series 2013A Acting City Administrator Lund reviewed the capital that needs to be funded for 2013 of $594,000 and indicated the funding source for the purchase of these capital items was proposed to be the issuance of capital equipment certificates. The amount of certificates to be issued to fund the capital items is proposed to be $635,000, which covers the principal costs of the capital items and underwriting costs. The certificates would be for a ten -year time frame and levied to the property tax starting in year 2014. It was noted the annual levy from the debt issuance would be approximately $75,000 based on today's interest rates. Acting City Administrator Lund stated staff had a bond rating call for the certificates with Standards and Poors on July 23, 2013, during which the City's AA+ bond rating was confirmed. She stated the equipment to be purchased is safety related and includes one fire tanker truck to replace a 1989 vehicle in the amount of $330,000; three squad cars; a megamower; and, a plow truck. Motion by Councilmember Kuzma, seconded by Councilmember Tossey, to Adopt Resolution #13 -08 -131 Authorizing the Issuance and Awarding the Sale of $635,000 General Obligation Equipment Certificates of Indebtedness, Series 2013A. Motion carried. Voting Yes: Mayor Pro tem Backous, Councilmembers Kuzma, Tossey, Johns, LeTourneau, and Riley. Voting No: None. Absent: Mayor Strommen. This case was removed from the agenda upon adoption and will be considered at the September 10, 2013, City Council meeting. 7.05: 2013 Happy Days Update Administrative Intern Mathson provided an update on the coordination and planning efforts for the Happy Days Festival. She also listed the scheduled events and budget projecting a net balance of $827.28. Administrative Intern Mathson displayed a slide depicting the Happy Days site and described the location of activities and vendors. She extended the City's thanks to the Happy Days Committee and sponsors. The City Council extended its appreciation to Administrative Intern Mathson, City staff, and the Happy Days Committee for their efforts towards this great undertaking and invited all to participate. City Council / August 13, 2013 Page 6 of 9