Minutes - Council - 11/15/2022 - Laserfiche WebLink

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Finance Director Lund reviewed the Staff report and shared the updated amount for $10,765,000 to reflect the actual bond sale that occurred earlier that day. She stated that firm of Piper, Sandler, and Company out of Minneapolis offered the best rate. Councilmember Specht asked if the number was reduced because people overbid. Finance Director Lund explained that they offered a premium. Councilmember Specht asked when the money would come to the City. Finance Director Lund stated it will close and the money will be received by the end of the year. City Administrator Hagen shared that City Engineer/Interim Public Works Director Westby and his staff are geared up and ready to spend this money over the next three years. Councilmember Woestehoff thanked Finance Director Lund for her work on this. Motion by Councilmember Woestehoff, seconded by Councilmember Specht to adopt Resolution #22-259 providing for the issuance and sale of $10,765,000 general obligation street reconstruction bonds, series 2022A and levying a tax for the payment thereof. Motion carried. Voting Yes: Mayor Kuzma, Councilmembers Woestehoff, Specht, Howell, Musgrove, and Riley. Voting No: None. 6. MAYOR/COUNCIL/STAFF INPUT Councilmember Specht asked when the money for the water treatment plant will be bonded for. Finance Director Lund stated it will be after the project is bid out to get the actual dollar amount. She said this will go to a legislative session and will likely be June of 2023. 7. ADJOURNMENT Motion by Councilmember Howell, seconded by Councilmember Woestehoff, to adjourn the meeting. Motion carried. Voting Yes: Mayor Kuzma, Councilmembers Howell, Woestehoff, Musgrove, Riley, and Specht. Voting No: None. The Special Meeting of the City Council was adjourned at 5:23 p.m. Respectfully submitted, _________________________________ Brian S. Hagen City Administrator Special City Council / November 15, 2022 Page 2 of 3