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2021-04-28 CC Packet
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2021-04-28 CC Packet
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City of Centerville <br />Council Meeting Minutes <br />January 13, 2021 <br />Discussion ensued regarding savings, nonrating, refunding, simple terms refinancing <br />debt/refinancing your home similar, lower interest rate, structure new debt, achieve a savings over <br />the term of the bonds, nonrating is a timing factor and offsetting the $10,500 fee for bond rating <br />process, how Northland Securities gets compensated for their services, when named appointments <br />for year and Northland listed as advisor and two (2) ways of issuing bonds and we could use us <br />for putting your bonds out for bids or we can invest in them and buy them, appreciation for being <br />proactive regarding this item, call date/date pre-pay bonds/refinancing can commence beginning <br />February, 2021, when refinancing can happen, managing existing debt, existing rate 2.76% and <br />new interest rate is .41%. Finance Director stated look at on a regular basis as there will be a time <br />for refunding/refinancing/paying, etc. Finance Director stated that he has spoken with Mr. <br />Eilertson on an annual basis regarding discussing <br />Mr George Eilertson stated that it would not be callable until 2029 and it would be prepayment of <br />the bonds rather than refinance/refund. <br /> <br />Finance Director DeJong stated that the City would be saving approximately $12,000/year with all <br />costs included. Mayor Love appreciated Mr. Eile <br />no spikes and felt that it was a consideration for Council and felt a great idea. <br /> <br />Mr. Eilertson stated that following discussions with staff and reviewing the numbers it would be <br />his recommendation to go forward with a nonrating. <br /> <br />Motion by Council Member Koski, seconded by Council Member King to Authorize <br />Preparation of Bond Sale Document at a Non-Rated Structure. A roll-call vote was taken. <br />Mayor Love and Council Members King, Koski, Lakso & Mosher voted in favor. Motion <br />carried. <br />5. pResolution 21-0XX Authorizing Fund Close-Outs and Transfers <br /> <br />Finance Director DeJong stated that there were several funds that are no longer utilized and he <br />would like Council to authorize the closing of the funds and transfers that are necessary to zero <br />out the fund/balance to closes the funds 348 and 349. Finance Director DeJong reviewed the <br />proposed resolution with Council. He stated that closing Funds 348 (Commerce Drive) (Bond <br />Debt Service Fund - $106,000), 349 (2004/2007 Street Project) (2011 Refunding Debt Service <br />(Trail Fund - $12,000) and transfer funds to 452 (Street Capital <br />He stated that interest would be allocated prior to closing the funds <br />and completed for end of year. <br /> <br />Discussion ensued regarding whether there would be a true deficit in the street fund at the end of <br />the year even though transfers from the general fund happen annually. Finance Director DeJong <br />stated that is correct but by the end of 2021 the fund will no longer have a deficit. Administrator <br />Statz stated that this was known and when considering the projects as to whether paying cash or <br />bonding. <br /> <br />Motion by Council Member Koski, seconded by Council Member Mosher to Adopt Res. #21- <br />002 as Presented. A roll-call vote was taken. Mayor Love and Council Members King, Koski <br />& Mosher voted in favor. Motion carried. (Council Member Lakso was experiencing <br />technically difficulties and unable to vote). <br />Page 7 of 10 <br /> <br />
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