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ARDEN HILLS CITY COUNCIL—JUNE 25, 2018 2 <br /> Mayor Grant directed staff to investigate this matter further and report back to the City Council <br /> at their next meeting on how this area was going to be mowed and maintained going forward. <br /> 4. PUBLIC PRESENTATIONS <br /> A. Ehlers &Associates Presentation <br /> Stacie Kvilvang, Ehlers, discussed the City's $2,600,000 of General Obligation Utility Revenue <br /> Bonds. She reported Ehlers has solicited proposals for the sale of the bonds and on June 25, 2018, <br /> bids were opened. She noted the City received five bids and the lowest came in from Fifth Third <br /> Securities out of Cincinnati, Ohio at an interest rate of 2.53%. She commended the City for <br /> receiving an AAA bond rating from Standard & Poor's. It was noted only 22 cities in the State of <br /> Minnesota had received a AAA bond rating from Standard and Poor's. She provided further <br /> comment on the City's strong financial standing and presented the Council with a plaque for their <br /> new bond rating. A round of applause was offered by all in attendance. <br /> Mayor Grant thanked Ms. Kvilvang for the positive report and asked how the City's interest rate <br /> was impacted by the new bond rating. <br /> Ms. Kvilvang explained the interest rate was impacted 10 to 15 base points for the 10-year bonds. <br /> B. 2017 Financial Statements <br /> Aaron Nielsen, MMKR, reviewed the 2017 Financial Statements with the Council. He stated he <br /> was pleased to report the City had received a clean or unmodified opinion. He reviewed the <br /> City's revenues, expenditures and fund balance position with the Council and commended the <br /> City on their strong financial position. He stated he was available for questions or comments. <br /> Mayor Grant thanked Mr. Nielsen for his thorough report. <br /> 5. STAFF COMMENTS <br /> A. Rice Creek Commons (TCAAP) and Joint Development Authority(JDA)Update <br /> City Administrator Perrault provided an update on TCAAP stating the JDA met on Wednesday, <br /> June 20 and received an update on the MDA and the Green Infrastructure Feasibility Report. He <br /> reported the Monday, July 2 JDA meeting had been canceled noting the group would meet next on <br /> Wednesday, July 25. <br /> Councilmember Holden requested staff provide the City Council with a copy of the report that <br /> was made to the JDA on the MDA and the Green Infrastructure Feasibility Report. <br /> B. Transportation Update <br /> Public Works Director/City Engineer Polka reported watermain work on County Road F and <br /> Old Snelling were put on hold last week due to the rainy weather. <br />