HomeMy WebLinkAbout12-10-01
Hastings, Minnesota
December 10, 2001
The City Council of the City of Hastings, Minnesota met in a special meeting on
Monday December 10, 2001 at 7:00 PM in the Volunteer Room at the Hastings City Hall,
101 East 4th Street, Hastings, Minnesota.
Members Present: Mayor Werner, Councilmembers Riveness, Hicks, Moratzka,
Yandrasits, Schultz and Hazlet.
Members Absent: None.
Staff Members Present:
Finance Director Lori Webster
Public Works Director Tom Montgomery
City Administrator Dave Osberg
Springsted Finance Advisor Bob Thistle
Additional Agenda Item:
Moved by Council member Hicks, seconded by Councilmember Schultz to add to the
agenda Change Order #1 to the Hydroelectric Powerhouse Modifications contract.
Ayes: Werner, Riveness, Hicks, Moratzka, Yandrasits, Schultz, Hazlet.
Nays: None.
Change Order #1; Hydroelectric Powerhouse Modifications Contract
Moved by Council member Riveness, seconded by Councilmember Hicks to approve
Change Order #1 to the Hydroelectric Powerhouse Modifications Contract, in the amount
of $5,953.00.
Ayes: Hazlet, Schultz, Yandrasits, Moratzka, Hicks, Riveness, Werner.
Nays: None.
Mayor Werner and the City Council asked Public Works Director Montgomery to discuss
with the contractor the feasibility of installing vertical concrete encasement protection or
if an alternative should be considered.
Hydroelectric Bond Sales
Finance Director Lori Webster and Springsted Financial Advisor presented information to
the City Council regarding the three Resolutions proposed for adoption by the City
Council.
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Minutes of the Special Citv Council Meeting of December 10, 2001
Page Two
a.) Resolution Authorizing the Issuance of $1,765,000 Taxable General Obligation
Grant Anticipation Bonds and $6,470,000 Taxable General Obligation
Hydroelectric Revenue Refunding Bonds.
b.) Resolution Providing for the Competitive Negotiated Sale of $6,220,000 Taxable
General Obligation Hydroelectric Revenue Refunding Bonds, Series 2002A
c.) Resolution Providing for the Competitive Negotiated Sale of $1,765,000 Taxable
General Obligation Grant Anticipation Bonds, Series 2002 B
The Mayor and City Council discussed at length the terms of the bond sale, use of
proceeds and the potential receipt of funds the City has requested through the State of
Minnesota Capital Bonding Bill. The Mayor and City Council agreed that the two
Resolutions providing for the Bond sales must include language that makes it clear that
should additional revenues be received from the State of Minnesota through the capital
bonding bill, those funds must be used to retire the debt service on the bonds or accrue
additional income for additional payments to retire the debt service.
Moved by Councilmember Moratzka, seconded by Councilmember Yandrasits to
approve the "Resolution Authorizing the Issuance of $1 ,765,000 Taxable General
Obligation Grant Anticipation Bonds and $6,470,000 Taxable General Obligation
Hydroelectric Revenue Refunding Bonds."
Ayes: Moratzka, Yandrasits, Schultz, Hazlet, Werner, Riveness, Hicks.
Nays: None.
Moved by Councilmember Riveness, seconded by Councilmember Hazlet to
approve the "Resolution Providing for the Competitive Negotiated Sale of $6,220,00
Taxable General Obligation Hydroelectric Revenue Refunding Bonds, Series 2002 A",
with the understanding that language will be included that makes it clear that should
additional revenues be received from the State of Minnesota through the capital bonding
bill, those funds must be used to retire the debt service on the bonds, or accrue
additional income for additional payments to retire the debt service.
Ayes: Riveness, Hazlet, Hicks, Moratzka, Schultz, Werner, Yandrasists.
Nays: None
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Minutes of the Special Citv Council Meetina of December 10. 2001
Paae Three
Moved by Councilmember Hicks, seconded by Councilmember Schultz to
approve the "Resolution Providing for the Competitive Negotiated Sale of $1,765,000
Taxable General Obligation Grant Anticipation Bonds, Series 2002 B", with the
understanding that language will be included that makes it clear that should additional
revenues be received from the State of Minnesota through the capital bonding bill, those
funds must be used to retire the debt service on the bonds, or accrue additional income
for payments to retire the debt service.
Ayes: Hicks, Schultz, Riveness, Yandrasits, Werner, Moratzka, Hazlet
Nays: None.
Moved by Council member Riveness, seconded by Councilmember Yandrasits to adjourn
the meeting at 7:54 PM
All voted in favor.
Michael D. Werner
Mayor
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