2011-03-09 CC Packet - Laserfiche WebLink

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City of Centerville Council Meetin Minutes B February 23, 2011 4. MN Dept. of Health 2011 Community Fluoridation Grant Award Contract 5. P& R's Recommendation to Allow the Centennial Little League's Use of Ball Fields & Facilities @ Laurie LaMotte Memorial Park April-August, 2011 6. P& R's Recommendation to Divert $1,500 in Budgeted Funds to P& R Alternative Programs Rather Than YMCA Park Playdays Council Member Love requested that Item #6 be pulled for further discussion. Motion bv Council Member Love. seconded bv Council Member Paar to aonrove the Consent Agenda, items 1-5. All in favor. Motion carried unan�m6uslv. Council Member Love requested additional information regarding Parks & Rec.'s decision to utilize the budget funds for other uses and what they may be. City Administrator stated that Parks & Rec. felt Centerville residents would be better served with programs such as Music or Movies in the Parks, and the 8K Walk/Run rather than the YMCA Park Playdays. Motion bv Council Member Fehrenbacher. seconded bV Council Member Paar to aaarove P�rk & Rec.'s recommendation to reallocate $1,500 from the budgeted YMCA Park Plavdavs line item to allow its usa�e for Centerville snecific nro�rams such as Music or Movies in the Parks and the 8K Walk/Run. All in favor. Motion carried unanimouslv. VI. AWARDS/PRESENTATIONS/APPEARANCES 1. Mr. George Eilertson, Northland Securities - Finance Plan Suxnmary for Refunding General Obligation Bond, Series 201 l. Mr. Eilertson introduced himself and reviewed with Council the presented plan. City Administrator Larson stated that upon staff's request, Mr. Eilertso� has informed them of the opportunity to decrease current interest rates from approximately 4% to 2% on (2) two existing bonds (2004 & 2007 Bonds} and that the City could potentially save about $200,000 by taking the propos� steps. NEW BUSINESS Mr. Eilertson stated that if Council chose to approve the presented plan, favorable motions would need to take place for approving the Financial Advisor Agreement with Northland Securities allowing them to conduct this transaction on behalf of the City and Res. #11-005 — Providing for the issuance and sale of $2,755,000 General Obligation Improvement Refunding Bonds, Series 2011. Mr. Eilertson explained that the proposed interest rates could decrease or increase slightly by the time bids are in and he would return to Council on March 23, 2011 with those numbers and additional documenta.tion for Council's consideration. Several Council Members stated that they were comfortable with Mr. Eilertson and Staff s judgment regarding this transaction. 1. Approval of Northland Securities' Financial Advisor Agreement. Motion bv Council Member Paar. seconded by Council Member Fehrenbacher to aaarove th Ciri entering into tLe aresented Financial Advisor Agreement with Nort}iland Securities All in favor. Motion carried unanimouslv. Page 2 of 6 2