HomeMy WebLinkAboutCity Council - 11/07/2000 - HRA APPROVED MQNUTES
HOUSING AND REDEVELOPMENT AUTHORITY
TUESDAY,NOVEMBER 7,2000 8:00 PM,CITY CENTER
Council Chamber
8080 Mitchell Road
CITY COUNCIL:
Mayor Jean Harris, Councilmembers Sherry Butcher, Ronald Case, Ross Thorfinnson, Jr., and
Nancy Tyra-Lukens
CITY COUNCIL STAFF:
City Manager Chris Enger, Parks & Recreation Services Director Bob Lambert, Public Safety
Director Jim Clark, Public Works Services Director Eugene Dietz, Community Development and
Financial Services Director Don Uram, Management Services Director Natalie Swaggert, City
Attorney Roger Pauly and Council Recorder Peggy Rasmussen
I. ROLL CALL/CALL THE MEETING TO ORDER
Mayor Harris called the meeting to order at 8:00 p.m.
• II. ADOPT H.R.A. RESOLUTION 2000-02 RELATING TO $3 390 000 PUBLIC
FACILITY LEASE REVENUE BONDS, SERIES 2000A; (CITY OF EDEN
PRAIRIE LEASE OBLIGATIONS—FIRE STATION NO. 1) AUTHORIZING
THE ISSUANCE,AWARDING THE SALE AND PRESCRIBING THE FORM
THEREOF AND AUTHORIZING THE EXECUTION OF A TRUST
INDENTURE AND A LEASE-PURCHASE AGREEMENT
Uram explained that this sale of lease revenue bonds is for the new fire station, completed
in July 1999. He introduced Mr.Moyer of Sprinstead Associates to explain the sale of
the bonds.
Mr. Moyer said there was a successful bond sale that morning,with four competitive bids
taken. The Bank of America Security was the successful bidder, and will receive an
interest rate of 5.0224 percent. The proceeds of the bond issue will be used to reimburse
the City of Eden Prairie for the costs of building and equipping the new fire station. In
addition,the City's credit rating was increased from AA3 to AA2. The rating agencies
believe the City's financial situation is very sound and deserved the higher rating.
Among other reasons,the City is retiring 85 percent of its debt within 10 years.
Mayor Harris received a plaque on behalf of the City from Springstead Associates,which
shows the new credit rating and the reasons the City received it.
MOTION: Butcher moved, seconded by Tyra-Lukens,to adopt H.R.A. Resolution No.
2000-02 relating to$3,390,000 Public Facility Lease Revenue Bonds, Series 2000A; (city
of Eden Prairie Lease Obligations—Fire Station No. 1) authorizing the issuance,
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CITY COUNCIL bmvuTES
November 7,2000
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• awarding the sale and prescriibing the form thereof and authorizing the execution of a
trust indenture and a lease-purchase agreement.
III. ADJOURNMENT
MOTION: Case moved, seconded by Tyra-Lukens,to adjourn the meeting. Mayor
Harris adjourned the meeting at 8:05 p.m.
Approval of Minutes—November 21,2000
(Please Initial)
Mayor Jean Harris
Sherry Butcher-
Ronald Case
Ross Thorfinnson, Jr.
9ENancy Tyra-Lukens