Agenda - Council - 07/10/2018 - Laserfiche WebLink

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Finance Director Lund reviewed the staff report and recommendation to Adopt Resolution #18- 121 authorizing approval of the sale of GO Street Reconstruction Bonds, Series 2018A. She noted that the issuance of debt follows the direction that City Council authorized as the funding mechanism of how road reconstruction projects would be funded (with up to 25% being funded via special assessments). She stated that the City received favorable bidding with a final cost of $1,175,000, which is a decrease from the original amount of $1,210,000. Councilmember Riley stated that the City is selling bonds to reconstruct and funds the streets, which is the chosen method of funding. He stated that the City is currently bonding and going into debt to fix the roads. Motion by Councilmember Riley, seconded by Councilmember Shryock, to Adopt Resolution #18-121 Providing for the Issuance and Sale of $1,175,000 General Obligation Street Reconstruction Bonds, Series 2018A, Pledging Special Assessments and Levying a Tax for the Payment Thereof. Further discussion: Acting Mayor LeTourneau agreed that this is the chosen funding mechanism to fund the road improvements. He noted that this is not the only choice, but it has been the chosen one. He stated that the Council may be open to further discussion on the funding in the future given the implications on the bonding and debt. Councilmember Shryock noted that the City agreed upon a five-year trial period is almost completed and therefore the Council will revisit the topic of road funding. Motion carried. Voting Yes: Acting Mayor LeTourneau, Councilmembers Riley, Shryock, and Kuzma. Voting No: None. Absent: Councilmember Johns. 8. MAYOR, COUNCIL AND STAFF INPUT City Administrator Ulrich regretfully notified the City of the passing of John Graw, who was a community hero and previously awarded a key to the City. He stated that the key to the City was returned to the City in gratitude. He stated that services will be held on July 18th at Fort Snelling. He noted that the key to the City will be displayed in the display cabinet at City Hall. Acting Mayor LeTourneau acknowledged the passing and thanked Mr. Graw for his service. City Administrator Ulrich recognized Community Development Director Gladhill who has met his years of service and experience and testing to receive certification from AICP. City Administrator Ulrich announced upcoming meetings and events. Acting Mayor LeTourneau stated that nights like tonight are difficult and thanked staff for the work that they put in to supply the Council with the necessary information. He also thanked Planning Commissioner Surma, who is in attendance, and the rest of the Planning Commission for the work they do. City Council / June 26, 2018 Page 12of13