2007 03-20 CCP - Laserfiche WebLink

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not to exceed $850,000. Principal on the Bonds will be due on February 1 in the years 2009 through 2028. Bonds maturing February 1, 2018, and thereafter will be subject to prepayment at the discretion of the City on February 1, 2017. Todd Ehlers noted that Pre -Sale review was done on this date; distribute official statement week of April 9; conference with rating agency — non -rated; Bond Sale: May 7, 2007, 2007; Estimated Closing Date: May. Todd Ehlers will come back on April 24`h with an adjusted bond issue. A Council Workshop will be held at 7:00 p.m., May 7, 2007 regarding the Bond Sale. In response to a question regarding the interest rate for the Bond, it was explained that it is expected to be 4.2% for a 20 year bond. Mayor Emeott explained that the $45,000 yearly payment needed in the first 10 years of bond re -payment could be met by the savings of approximately $45,000 by trimming City administration costs from last year which cost the City $96,000. Administrative services being provided by White Bear Township is proposed to be approximately $45,000 - $50,000 per year. Watson noted that this is a unique opportunity for the City of Gem Lake to partner with White Bear Township. The shared services will be good for Gem Lake and is an opportunity to keep taxes as low as possible. He noted that there were extensive meetings last December, on the Gem Lake 2007 budget and what was envisioned in the next four years financially. The only change will be in shared services and police and fire protection. Looking at the cost of administration, a clear savings was recognized in these shared services. The City is trying to be honest and fiscally responsible. In response to a question if White Bear Township needs the building, what then? The City Attorney explained that this is a unique venture and that the City of Gem Lake does not have to be afraid of absorption. Rasmussen stated that the City of Gem Lake needs a City Hall. It has been made clear in recent events that le� Gem Lake will be a more properly functioning City and the Council is working on doing that in a sensible manner. Motion by Watson, Second by Artig-Swomley to approve Resolution 2007-06 Sale of Approximately $785,000 General Obligation Bond was unanimously approved. APPROVED: S.E.H work on Sewer Maintenance procedure, $4000 quote. Unanimously approved RESOLVED: Resolution 2007-07: Sewer backup/cleanup insurance All present were informed that insurance can be purchased from the Minnesota League of Cities for this type of coverage. It was noted that a no-fault insurance policy of $10,000 per structure could be used to clean up the building damaged by a City sewer backup if the owner's insurance does not cover the clean up. To get this insurance City main sewers need to be cleaned (flushed) on a regular basis and a report of a periodic television scan of all of the sewers needs to be provided to the insurance company. Motion by Artig-Swomley, Second by Rasmussen to adopt Resolution 2007-07 Sewer backup/cleanup insurance was unanimously approved. RESOLVED: Resolution 2007-08 Variance to measure ground level for Building Height measurement in Hillary Farm: Trevor Oliver, our Citi Attorney, noted that the method of determining the building height would be included in the proposed 2° amendment to the Developers Agreement so that no Resolution was necessary RESOLVED: Proposed 2Id Amendment to Developer's Agreement — Hillary Farm: Discussion was held on the items in the proposed 2❑d amendment to the Developers agreement, prepared by the Gem Lake City attorney for the Hillary Farm development. The matter of how to measure the building height in the Hillary Farm development, that was proposed in resolution 2007-08, was included in this revised developers agreement. In response to a question regarding the detachment/annexation suit, Trevor Oliver of Kelly and Fawcett stated that with the verified amendment to the Developers Agreement the suit will be dropped. Patrick Kelly stated that there is an understanding between the parties and that all should be in order within 7 days. Motion by Rasmussen, Second by Artig-Swomley to approve the Proposed 2ad amendment to Developer's Agreement — Hillary Farm was unanimously approved by voice vote.