12-17-08 Special
SPECIAL CITY COUNCIL
MEETING MINUTES
Richfield, Minnesota
Special Meeting of the City Council
December 17, 2008
CALL TO ORDER
The meeting was called to order by Mayor Goettel at 6:05 p.m.
ROLL CALL
Council Members
Present: Debbie Goettel, Mayor; Susan Rosenberg; Fred Wroge; Sue Sandahl; and
Bill Kilian.
Staff Present: Steven L. Devich, City Manager and Cheryl Krumholz, Recording
Secretary.
Item #1 CONSIDERATION OF RESOLUTION AWARDING THE SALE OF $4,550,000
GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 2009A
S.R. NO. 320
City Manager Devich presented Staff Report No. 320.
Jonathan North, Ehlers and Associates, discussed the bid tabulation and debt service
schedules. Their recommendation was to award the sale to Piper Jaffray and Co. (Leawood,
Kansas).
Council Member Sandahl stated she remembered the City Council not making a decision
on the use of the Police and Fire pension funds.
City Manager Devich explained that his understanding was the structured funding for City
Hall and bonds would be used first and the pension last. He stated the bank qualified debt limit
remaining available in 2009 so the City could add more debt if the City Council wished to preserve
the pension.
Special Meeting Minutes -2- December 17, 2008
Council Member Kilian agreed with Council Member Sandahl's recollection of the pension
use.
Council Member Wroge stated he recalled the City Council agreeing to keeping cost to the
taxpayers down and at a certain amount, using the pension fund. He added the City Hall Task
Force also recommended using the pension fund.
Mayor Goettel and Council Member Rosenberg agreed with Council Member Wroge's
recollection.
Council Member Sandahl requested staff review the City Council minutes regarding this
issue.
M/Goettel, S/Kilian that the following resolution be adopted and that it be made part of
these minutes:
RESOLUTION NO. 10193
A RESOLUTION AWARDING THE SALE OF GENERAL
OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES
2009A, IN THE AGGREGATE PRINCIPAL AMOUNT OF $4,550,000;
FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR
EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR
PAYMENT
Motion carried 5-0. This resolution appears as Resolution No. 10193.
Mayor Goettel stated she recalled there wasn't a vote on the use of the pension but rather a
recommendation to staff.
ADJOURNMENT
The meeting was adjourned by unanimous consent at 6:20 p.m.
Date Approved
Cheryl Krumholz
Recording Secretary
City Manager