Minutes - Council - 09/28/2021 - Laserfiche WebLink

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Motion by Councilmember Riley, seconded by Councilmember Howell, to Adopt Resolution #21- 278 Adopting Assessments for Past-Due Charges on Municipal Utility Bills and Current Services Rendered. Motion carried. Voting Yes: Mayor Kuzma, Councilmembers Riley, Howell, Heineman, Musgrove, Specht, and Woestehoff. Voting No: None. 7. COUNCIL BUSINESS 7.01: Adopt Resolution #21-276 Providing for the Issuance and Sale of $9,845,000 General Obligation Capital Improvement Plan Refunding Bonds, Series 2021 and Levying a Tax for the Payment thereof Finance Director Lund reviewed a proposed Resolution to accept the sale terms of $9,845,000 in General Obligation bonds sold this morning. The original request was $10,700,000, and the bonds were sold at a premium. The true interest rate is 1.15% in comparison to 1.26% on August 24, 2021. The original interest rate was 3.07%, which represents a savings to the debt levy for 2022 of about $8,400. This reduction will be reflected in final levy amount, with an overall savings of $1.12 million, or $112,000 annually. Councilmember Musgrove stated it is a good thing when the City Council can make decisions that will save taxpayer money. She expressed her appreciation for Finance Director Lund for her work in getting this done. Motion by Councilmember Musgrove, seconded by Councilmember Woestehoff, to Adopt Resolution #21-276 Providing for the Issuance and Sale of $9,845,000 General Obligation Capital Improvement Plan Refunding Bonds, Series 2021 and Levying a Tax for the Payment thereof. Motion carried. Voting Yes: Mayor Kuzma, Councilmembers Musgrove, Woestehoff, Heineman, Howell, Riley, and Specht. Voting No: None. 7.02: Adopt Resolution #21-279 Adopting Proposed 2022 Payable Tax Levies (General, Pavement Management, EDA and Debt Services) and Schedule Public Hearing for December 14, 2021; Adopt Resolution #21-280 Adopting Proposed 2022 General Fund Budget and Resolution #21-281 Adopting Proposed 2022 EDA Budget Finance Director Lund reviewed the proposed 2022 levy and budget, which will not be finalized until the December 14, 202,1 regular meeting. Finance Director Lund stated the budget and levy has been drafted with the City’s strategic goals in mind: financial stability; balance of rural character and urban growth; active and connected community; smart citizen focused government, and effective organization. Finance Director Lund stated the tax capacity grew 9.6% from 2021-22, for an overall levy increase of 17.8%. The 2022 general fund budget and levy, proposed at $15,321,278, represents City Council / September 28, 2021 Page 6 of 18