HomeMy WebLinkAbout12-14-15CITY OF LAKEVILLE
SPECIAL CITY COUNCIL MEETING MINUTES
December 14, 2015
Mayor Little called the meeting to order at 6:00 p.m. in the Marion Conference
Room at City Hall.
Members Present: Council Members Davis, Anderson, Swecker, LaBeau and Mayor
Little
Staff Present: Justin Miller, City Administrator; Allyn Kuennen, Assistant City
Administrator; Jerilyn Erickson, Finance Director; Daryl Morey, Planning Director;
Judi Hawkins, Deputy Clerk
2. Consent agenda
Item d was removed from the consent agenda to be voted on separately.
Motion was made by Davis, seconded by Swecker, to approve the following items:
a. Minutes of the December 7, 2015 City Council meeting
b. Resolution No. 15-170 approving the final plat of Cedar Landing 31 Addition
c. Acceptance of improvements and final payment to Pember Companies, Inc. for
Improvement Project 12-17, downtown parking lot; and acceptance of
improvements and final payment to Valley Paving, Inc. for Improvement
Project 15-04, Kensington Boulevard
Voice vote was taken on the motion. Ayes - unanimous
Motion was made by Swecker, seconded by Davis, to approve the following items:
d. Findings of fact and conditional use permit to allow a self -storage facility at
9913-2141' Street W.
Voice vote was taken on the motion. Ayes - Davis, LaBeau, Swecker, Little.
Abstain - Anderson, due to a conflict of interest
3. General Obligation Water Utility Revenue Bonds and Interfund Loan for Water
Improvement Projects
Jerilyn Erickson stated that staff is seeking Council approval of a resolution
authorizing the sale of Water Utility Revenue Bonds Series 2016A for two projects,
the Water Treatment Facility expansion and the Holyoke Avenue water tower.
Dave MacGillivray, Springsted Inc., provided an overview of the bond structure and
stated that state statute allows cities to issue water revenue bonds but requires that
water user rates or connection fees fund the debt service. The City's credit rating
Special Council Meeting Minutes, December 14, 2015
was reviewed by Moody's investor service last year and received a rating of AAI for
general obligation debt. This is just one rating below the best possible AAA rating.
Because the debt is self-sufficient and is repaid by revenues of a monopoly utility the
debt does not adversely affect the general obligation debt burden. MacGillivray
stated that interest rates are currently very low and the City's excellent bond rating
would result in a favorable interest rate. Staff is recommending that a short term
interfund loan be approved to temporarily finance the project expenditures
incurred in 2015 prior to bonds being issued in 2016.
Motion was made by Davis, seconded by Anderson, to approve Resolution No. 15-
171 authorizing issuance and sale of $8,875,000 General Obligation Water Utility
Revenue Bonds, Series 2016A; and Resolution No. 15-172 authorizing interfund
loans from the Sanitary Sewer Trunk Fund and Storm Sewer Trunk Fund to the
Water Trunk Fund.
Roll call was taken on the motion. Ayes - LaBeau, Anderson, Davis, Little, Swecker
Motion passed
4. Adjourn
Mayor Little adjourned the meeting at 6:10 p.m.
Respectfully submitted,
Ju i Hawkins, Deputy Clerk
Matt Little, Mayor
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