HomeMy WebLinkAbout08-15-16CITY OF LAKEVILLE
HOUSING AND REDEVELOPMENT AUTHORITY
AUGUST 15, 2016
Chair Anderson called the meeting to order at 6:46 p.m. in the Council Chambers at City Hall.
Present: Commissioners Davis, Little, Anderson, LaBeau
Absent: Commissioner Swecker
Also present: Jerilyn Erickson, Finance Director; Justin Miller, Executive Director; Charlene
Friedges, City Clerk
Motion was made by Little, seconded by LaBeau, to approve minutes of the July 5, 2016 H.R.A.
meeting.
Voice vote was taken on the motion. Ayes - unanimous
Item 03
David MacGillivray, of Springsted presented a resolution authorizing issuance and awarding
the sale of Lease Revenue Refunding Bonds, Series 2016. He explained that Lease Revenue
Bonds were issued in 2006 to finance the construction of an ice arena facility. The facility is
owned by the Housing and Redevelopment Authority, leased to the City pursuant to a lease -
purchase agreement, and subleased to Lakeville Arenas. ISD 194 reimburses the City 50% of
the annual debt service on the bonds pursuant to a Joint Powers Agreement. The 2016 bonds
are being issued to reduce future interest costs.
Moody's Investors Service has rated this bond issue Aa3. Concurrent with this rating process,
Moody's reaffirmed the City's general obligation rating of Aa1.
Motion as made by Little, seconded by Davis, to approve Resolution No. 16-04 authorizing
issuance and awarding the sale of Lease Revenue Refunding Bonds (ice arena project), Series
2016.
Roll call was taken on the motion. Ayes - Davis, Little, Anderson, LaBeau
There being no further business, Chair Anderson adjourned the meeting at 6:54 p.m.
Respectfully submitted,
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Charlene Friedges, City Clerk
Douglas P. nderson, Chair