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City Council Regular Meeting — 04/24/06 DRAFT Minutes - Page 41 million in tax increment bonds in late 2007 or 2008, not backed by the City's general obligation pledge, but nonetheless impacting the City's ability to carry a bond rating in order to be marketable to prospective bond buyers, with the issuance triggering a credit rating review by both bonding firms. Staff recommended that the City hire Springsted Financial Advisors to perform a credit assessment of the City, to evaluate all of the applicable financial indicators and other credit categories, including comparison with peer cities, and to identify what, if any, correction measures need to be taken to preserve the City's current bond rating. Following discussion, Klausing moved, Kough seconded, authorizing the hiring of Springsted Financial Advisors to perform a credit assessment for the City of Roseville, at an amount not to exceed $7,500.00 Roll Call Ayes: Ihlan; Kough; Maschka; Pust and Klausing. Nays: None. Mr. Miller anticipated that Springsted would perform their analysis and be prepared to make a presentation to the City Council at their May 15,2006 City Council Study Session. 15. Discuss City's Asset Replacement Plan Mr. Miller addressed staffs concerns regarding the sustainability of City assets, noting the lack of sufficient funding to replace City assets at the end of their useful lives, resulting in delayed replacement of those assets, or higher maintenance costs, leading to unsafe facilities, vehicles, and equipment. Mr. Miller recommended that the City develop a comprehensive asset replacement plan, and outlined an overview of a proposed schedule, showing current city vehicles and other rolling stock in the City's fleet. Mr. Miller suggested implementing the plan with a combination of property tax levy increases, specifically identified on property tax statements, and to a lesser extent, increases in utility rate Discuss City's Asset Replacement Plan