HomeMy WebLinkAbout2004 10-18 CC MINUTESCITY OF GEM LAKE
MINUTES OF CITY COUNCIL MEETING
OCTOBER, 2004
The October, 2004 regular meeting of the City .Council of the City. of Gem Lake was called to order by Mayor
Lmeott pn Monday, .18. October 2004,.at 7:03 PM inthefirst floor meeting room orTousley Ford. Mayor I:meott,
Councilors..lgo, ]3irkebak, Bosak and Watson, Clerk Magnuson, Special Counsel Ben Johnson, and Financial Advisor
Todd Hagen were present. Also present were Steve Herzog, Ken Lorenz, and 6 members of the American Civics class
from. White Bear Lake Senior High School.
Following Mayor Emeott's request for additions, deletions, or con•ections, the following actions were taken: ..1 j
unanimous approval of the Minutes for the 20 September 2004 City Council meeting as presented on Motion by. Igo,
Second by Watson; 2) unanimous approval of the City Council Meeting Agenda as amended for 18 October 2004 on
Motion by Watson, Second by Bosak,
Magnuson then presented General Annoulicelnents and Staff Reports covering Public Safety, Public Works,.
• Development and Elections.
Magnuson then reported that based upon discussions with consultants: to. PIP2004-01 (Scheuneman Road) during
the course of this day,: it is in the .best .interest of the City to issue the bonds for the project.. immediately for cash flow
purposes and delay the assessments to the suminer of 2005 following completion of the project. While currently on
schedule, the project could fall behind due to weather or other unforseen factors.
Ben Johnson was then recognized and confirmed Magnuson's report. He also stated that a very favorable financial
climate exists for issuance of the bond as rates are at a 40year low. Stating that alternative'shadbeen examined, it. was
13ond Counsel's recommendation that we accept the t •filer's recommendation to issue the bank qualified bond though
Wells. Fargo. Mr. Hagen was then recognized and,, following introductions, presented the cash flow analysis and
1epayment procedures.to the City Council, responding to questions as he proceeded. Following Mr. I•lagen'spresentation,
Mr:. Johnson then presented (Proposed) covering issuance ofthe bonds and terms and conditions.
3.elated thereto. Following discussion, Motion .by Bosak, Second by Watson to adopt Resolution. 2004-24 was.
unanimously approved by a 5 Aye,0 Nay and 0 Abstention vote.
Motion by Igo, Second by Watson to authorize Mayor Enteott to execute a Joint Powers Agreement with VLAWMO
which would extend the current agreement by one year to 31 December2005 was unanimously approved.
Motion by Igo, : Second by l3ii•kehak to approve accounts payable totaling $ 49.674..87 and to accept the. October
Treasurer's Report as prepared by Cobian'and indicating a balance in the. General Fund of.$43,769.48 and in the Sewer
Fund of$46.135.]9 was unanimously approved.
The next meetingof the Gem Lake City Council is scheduled for 08 November 2004, There being no further
business, Motion by Igo, Second. by Bosak toadjourn was unanimously approved.
AUTHORED:. 23 .September 2004
APPROVED: 18 October 2004
ATTES ATTEST:
reueric C gi1nson Paul R, Emeott.
City,Cierls, Mai: r.:
C lilt;- r i i ii cite s/2O 04/173 cictui 20 O4. wp
g
CITY OF GEM LAKE
RESOLUTION NO. 2004-24
18 OCTOBER 2004
A RESOLUTION AWARDING THE SALE OF .$580,0Q0. GENERAL OBLIGATION.
IMPROVEMENT BONDS (SCH E U N EMAN ROAD .IMPROVEMENT PROJECT), •S ERI ES.
2044; FINING THEIR FORM AND.SP.ECIFICATIONS; DIRECTING THEIR EXECUTION
AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT
BE IT RESOLVED by. the City Council (the "Council") of the City of Gem Lake, Ramsey County, Minnesota (hereinafter,
the "City") as follows:
Section 1, Sale of Bonds.
1.0 I . The proposal of Wells Fargo Brokerage Services, LLC: (the "'Purchaser") to purchase the City's General Obligation
lmprovementBonds:(ScheunemanRoad Improvement Project) .Series 2004 (the "Bonds"), in the original aggregate principal
amount: of $586,000 is found and .determined to be a reasonableoffer and is accepted.
1.02. The sum of S26,957.15 will be credited to the Debt Service: Fund hereinafter created, The Mayor and City Clerk
are directed to execute a contract with the Purchaser on behalf of the City.
1.03. The Citywill forthwith issue.. and sell the Bonds pursuant to Minnesota Statutes, .Chapter 475, as amended, and
Minnesota Statutes. Chapter429, as amended (collectively, the "Act"), originally dated November 3, 2004, bearing interest
at.a rate of 3.70% to maturity and maturing on February I, 2016. The payments of the principal of the ]Bonds shall be paid
on February 1 and August 1 in accordancewith the schedule on Exhibit A attached to the Bonds when issued.
1.04, Optional Redemption: The City elects to prepay Bonds due on or after August 1, 2005. Redemption maybe in.
whole or in part and if in part, on any February 1 or August 1, in minimum amounts of$7 000 and any increment of$1,000
in excess thereof, at the option of the City and in such manner as the City will determine. Payments of the Bonds will be at
a price of par plus accrued interest.
Section 2. Registration and Payment
2.01. Registered Form. The. Bonds will be issued as a single typewritten bond, only in fully registered form. The interest
thereon on the Bonds and the principal amountthereof, will be payable by check or draft issued by the City to the Purchaser.
2.02. Dates: Interest Payment Dates. The Bonds will be dated as of their date of issuance. The interest on the Bonds will
be payable on February 1 and August .] of each year, commencing August 1, 2005 to the Purchaser,
2.03. Registration. The City appoints the City Clerk Bond Registrar (the "Registrar"). The effect of: registration and
the rights and duties of the City and the Registrar with. respect thereto will be as follows:
(a) Rei ister.. The Registrar must keep at its offcea bond register in which the Registrar provides for the registration
of ownership. of Bonds and the registration of transfers and exchanges of Bondsentitled to be registered; transferred or.
exchanged.
(b) Exchange of Bonds. When Boiids are surrendered by the registered owner for exchange the Registrar will
authenticateand deliver one or naorc new Bondsof a like aggregate principal amount and maturity asrequested... by the
registered owner or the owner's attorney in writing.
(c) Cancellation. Bonds surrendered upon transfer or exchange will be promptly cancelled by the Registrar and
thereafter disposed of asdirected by the City.
(d) Improper or Unauthorized Transfer. When a Bond is presented to the Registrar for transfer, the Registrar may refuse
to transfer the: Bond until the Registrar is satisfied that the endorsement on the Bond or separate instrument of transfer
is valid and genuine and that the requested transfer is legally authorized. Tlie Registrar will incur no liability for thc
refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized,