The URL can be used to link to this page

Home My WebLink About6.a. Minutes of October 4, 2005 Regular City Council MeetingCALL TO ORDER/PLEDGE OF ALLEGIANCE Pursuant to due call and notice thereof, a regular meeting of the Rosemount City Council was duly held on Tuesday, October 4, 2005, at 7.30 p.m. m the Council Chambers at City Hall, 2875 145th Street West. Mayor Droste called the meeting to order with Council Members Sterner, Baxter, DeBettignies and Shoe Corrigan attending. Staff members present were City Administrator Verbrugge, Assistant City Administrator Weitzel, City Attorney LeFevere, City Engineer Brotzler, Finance Director May, and City Clerk Jentink. The Pledge of Allegiance was said. The agenda remained as presented City Administrator Verbrugge noted that additional information is provided for the bond sales under Old Business. PUBLIC COMMENT Mike McMenomy, 1836 Fairmont Avenue, St. Paul, stated he owns property next to Old County Road 38. He noted he had been farming on that property for the last 36 years. Mr. McMenomy wished to express his concerns about the danger involved on this gravel road and the curve near the railroad tracks. City Administrator Verbrugge pointed out that an item on the Consent Agenda tonight receives the feasibility report and orders a Pubhc Hearing for improvements on Old County Road 38. Mr. Verbrugge stated that City Project 387 is expected to upgrade the road to pavement beginning next spring. City Engineer Brotzler researched speed limit signs on gravel roads and reported that State Statutes do not encourage signs due to the changing conditions on gravel roads Mayor Droste thanked Mr. McMenomy for his interest m safety for citizens using CR 38. CONSENT AGENDA Motion by Baxter. Second by DeBettignies. MOTION to approve the Consent Agenda. a. Minutes of September 20, 2005 Regular City Council Meeting b. Bills Listing c. Receive Petitions /Order Feasibility Report -132nd Court Street and Utility Improvements, City Project 393 d. Receive Feasibility Report /Order Pubhc Hearing -Old County Road 38 Phase II Improvements, City Project 387 e. Receive Plans Spec's /Authorize Ad for Bid GlenRose Street Utility Improvements, City Project 397 f. Appointment of Fire Department Officers g. Set Special Council Meeting on October 12, 2005 Ayes: 5. Nays: 0. Motion carried. ITEM r 6 A 1 ROSEMOUNT CITY PROCEEDINGS REGULAR MEETING OCTOBER 4, 2005 OLD BUSINESS a. Accept Bids and Award Sale G.O. Water Revenue Bonds, Series 2005C Finance Director May reported on the results of the bid opening held October 4 at noon for Bond Series 2005C and 2005D. Mr. May indicated that eleven bids were received for 2005C and six bids for the 2005D series. Mr May indicated the eleven bids received for the 2005C series were the highest number of participants ever recorded for a bond sale in Rosemount. The Water Revenue Bonds are for the construction of Water Tower No. 4 on Connemara Trail and Azalea Avenue. The low bid was offered by Wells Fargo Brokerage Services, LLC at an interest rate of 3.6014 The bond amount was $2,990,000. Terri Heaton of Spnngsted and Associates commented on the City's credit rating. Ms. Heaton had conversations with Moody's who indicated Rosemount's financial standing is rock solid Ms. Heaton stated Moody's pointed out benchmarks for Rosemount which included a tax base on the lighter side, debt that is on target, and high property values. She reported that Moody's indicated that Rosemount is "on the fence" between an Aa3 rating and Al and we are about ready to qualify for the Aa3 rating. Ms. Heaton noted that Rosemount now has an Al rating which is very good, but a higher rating would allow for better interest rates to be obtained in the future. Ms. Heaton stated the number of bids, aggressive rates and the moving market showed that Rosemount's bonds were very well received by the financial matket. Council Member Baxter inquired about the variances in the True Interest Rate reported on the bid summary sheet by Springsted, Inc. Ms. Heaton stated the True Interest Rate combines rates and premiums with discounts and fee factors This clanfied there were more details involved than were listed on the bid list. Motion by Baxter. Second by Shoe Corrigan, to adopt the following. MOTION to adopt a Resolution Accepting Offer on Sale of $2,990,000 General Obligation Water Revenue Bonds, Series 2005C and Providing for Their Issuance. Ayes: 5. Nays: 0. b. Accept Bids and Award Sale G.O. Fire Station Refunding Bonds, Series 2005D Finance Director May reported on the results of the bid opening held October 4 at noon for Bond Senes 2005C and 2005D. The Fire Stauon Refunding Bonds, Senes 2005D allows for the refinancing of the 1996 building loan for Fire Station No. 1 on Shannon Parkway The low bid was offered by UMB Bank, N.A. at the True Interest Rate of 3.6298 The bond amount was $1,120,000. Motion by Baxter. Second by Shoe Corrigan, to adopt the followmg: MOTION to adopt a Resolution Accepting Offer on Sale of $1,120,000 General Obligation Fire Station Refunding Bonds, Series 2005D, Providing for Their Issuance and Levying A Tax for the Payment Thereof. Ayes: 5. Nays: 0. Motion carried. Motion carried. 2 ROSEMOUNT CITY PROCEEDINGS REGULAR MEETING OCTOBER 4, 2005 ANNOUNCEMENTS City Admmistrator Verbrugge announced there will be a Fall Clean Up Day on Saturday, October 8, 8 a.m. to noon located at the Pubhc Works Garage on Brazil Avenue. Mayor Droste reviewed future regularly scheduled meetings. Mayor Droste pointed out the Fire Department will hold an Open House at Fire Station No. 1, 14700 Shannon Parkway, on Sunday, October 16, noon to 3:00 p.m. Mayor Droste moved to adjourn the meeting at 7:50 p.m. Second by Sterner. Ayes: 5. Nays: 0. The meenng was adjourned. The City Council Agenda Packet is Clerk's File 2005 -40. 3 ROSEMOUNT CITY PROCEEDINGS REGULAR MEETING OCTOBER 4, 2005 Respectfully submitted, Linda Jentmk, City Clerk Recording Secretary