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July 9,2019 Page 3 of 6 <br /> report later in the meeting. She noted the New Brighton Elementary School was slated for demolition and <br /> noted residents on the email list would be notified prior to this occurring. <br /> 4 Ayes,0 Nays-Motion Carried <br /> Public Hearing Public Hearing <br /> None. <br /> Council Business Council Business <br /> 1. Consideration of Resolution Awarding the Sale of$3,075,000 General 1. Consideration of <br /> Resolution Awarding <br /> Obligation Improvement Bonds, Series 2019A. the Sale of$3,075,000 <br /> General Obligation <br /> Motion by Councilmember Dunsworth,seconded by Councilmember Burg to Approve a Resolution Imp Serieesl 2 2019A Bonds, <br /> 019A. <br /> Awarding the Sale of$3,075,000 General Obligation Improvement Bonds,Series 2019A;Fixing Their <br /> Form and Specifications;Directing Their Execution and Delivery;and Providing for Their Payment. <br /> City Manager Lotter indicated Finance Director Davitt would be presenting this item to the Council. <br /> Finance Director Davitt explained the proposed bonds would be sold on a competitive basis and considered <br /> general obligations of the City,secured by our full faith and credit and taxing powers. She commented on the <br /> resolution prepared by Kennedy&Graven,the City's bond attorney,awarding the sale of the bonds,fixing <br /> their form and specifications,directing their execution and delivery,and providing for their payment. She <br /> noted a representative from Baker Tilley,the City's financial advisors,was in attendance to give a short <br /> presentation on the bids received,give their recommendations,and answer any questions the Council may <br /> have. <br /> Terri Heaton, Baker Tilley, reviewed the bond bid tabulation with the Council reporting the <br /> City received seven bids. She explained the recommended bid came in with a favorable <br /> interest rate of 1.81%, noting this was due to the City's bond rating upgrade to AA+. She <br /> commended the Council and the City's management staff for its strong financial planning. <br /> Mayor Johnson thanked Ms. Heaton for her assistance with the bond sale and for being a good <br /> partner to the City of New Brighton. She stated she was very proud of the City for its financial <br /> accomplishments and for receiving an AA+bond rating. She thanked City Manager Lotter and <br /> his entire team for their strong leadership. <br /> Councilmember Allen commented on how the financial decisions the Council has been making <br /> over the years were paying off and was strengthening the financial vitality of the City. City <br /> Manager Lotter thanked Finance Director Davitt for her vision to achieve debt free streets. He <br /> explained this was a great way to improve the City's bond rating. He also acknowledged the <br /> Council's role in improving the City's bond rating by making tough financial decisions to <br /> better the City. <br /> Councilmember Burg stated she was so proud of the Council's efforts and for working in the <br /> best interests of the community. She reported New Brighton was a strong financial community <br /> and was managing its debt well. She thanked City Manager Lotter, Finance Director Davitt <br /> and the entire City staff for their great efforts. <br /> Councilmember Dunsworth explained she appreciated the creative efforts and initiative staff <br /> took to move this City forward in a positive manner. She believed staff were incredible <br /> stewards of the City's finances and were truly working to better the community. <br /> 4 Ayes,0 Nays-Motion Carried <br /> 2. Consider Resolutions Approving and Authorizing the Execution of TIF Assistance 2.Consider Resolutions <br /> Approving and <br /> Agreements and Approval of Contracts for Private Redevelopment at Midtown Village. Authorizing the Execution <br /> ofTIF Assistance <br />