Minutes - Council - 11/12/2014 - Laserfiche WebLink

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7. COUNCIL BUSINESS 7.01: Consider Adopting Resolution #14 -11 -235 Authorizing the Issuance and Sale of $875,000 General Obligation Equipment Certificates, Series 2014A Finance Director Lund reviewed the staff report and determination of the Council to issue Certificates to fund 50% of 2015 equipment purchases. She presented the findings of the rating bond companies resulting in the City's AA+ rating, which is the second highest rating available and has resulted in positive interest rate. Jason Aarsvold, Financial Advisor with Ehlers, presented the competitive bid results for the sale of $875,000 General Obligation Equipment Certificates, noting the recommended low bid was received from United Bankers' Bank, Bloomington, Minnesota at 2.0445 %. He commented on the importance of the City's AA+ rating, noting it is anticipated to close on December 4, 2014. Finance Director Lund stated this debt is part of the 2015 levy that will be considered for adoption on December 9, 2014. The Council acknowledged it had agreed to use certificates to fund one -half of the equipment costs and as a result of the City's positive bond rating, it came in at a very low rate. Mayor Strommen expressed the Council's appreciation to the Finance Department, Administrator, and staff who assure the City maintains a strong financial position. Motion by Councilmember Backous, seconded by Councilmember Riley, to Adopt Resolution #14 -11 -235 Providing for the Issuance and Sale of $875,000 General Obligation Equipment Certificates, Series 2014A, and Levying a Tax for the Payment Thereof. Motion carried. Voting Yes: Mayor Strommen, Councilmembers Backous, Riley, Johns, and Kuzma. Absent: Councilmembers LeTourneau and Tossey. 7.02: Consider Adopting Resolution #14 -11 -234 Supporting Anoka County Federal Funding Application for Ramsey Boulevard /CSAH 56 Railroad Underpass Improvements City Engineer Westby reviewed the staff report and recommendation to support Anoka County in applying for federal funding to construct the grade- separated improvements to Ramsey Boulevard/CSAH 56 at the Burlington Northern Santa Fe (BNSF) rail crossing based upon the concept layouts as presented. It was noted that if successful, federal funds would be awarded for construction in Federal Fiscal Years 2017 -2019 through the Roadway Reconstruction/ Modernization category. Councilmember Kuzma stated his support for Alternative 1 to move Highway 10 closer to freeway status. City Council / November 12, 2014 Page 4 of 9