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City Council Minutes Page 6 <br /> July 21,2014 <br /> ­­-­--------------- <br /> the city at AA.+. She noted the visiting members of S&P stated they were very <br /> impressed with the city, and especially with its financial management. <br /> She provided the results of the sale of the General Obligation Sewer Revenue Bonds, <br /> Series 2014B for the wastewater expansion project. The winning bid was from FTN <br /> C� <br /> Financial Capital Markets with a ]:I rue Interest Cost of 2.96%, and provided some <br /> details about F-I'N as a strong bidder. <br /> Councilmember Motin asked if Ms. Aho could provide the cost savings to the city if <br /> you would base the interest rate upon the bond rating from years ago. <br /> Ms. Aho stated the rate itself would be 50-60 basis points higher,with an <br /> approximate $700,000,interest cost on this bond sale alone, noting how important <br /> bond ratings are and their direct benefit to the city. <br /> Moved by Councilmember Wilson and seconded by Councilmember Motin to <br /> adopt Resolution 14-39 awarding the sale of$10,000,000 City of Elk River, <br /> Minnesota General Obligation Sewer Revenue Bonds, Series 2014B; fixing <br /> their form and specifications; directing their execution and delivery; and <br /> providing for their payment as outlined in the staff report. <br /> Motion 5-0. <br /> 8.2 Energy City Commission Action Plan <br /> Ms. ,Mroz presented the staff report. <br /> Earlier in the evening, the Economic Development Authority approved the Energy <br /> City Commission 2024 10—year Action Plan with a few revisions to the plan <br /> presented in the staff report: <br /> 1) The Action Plan will be reviewed annually instead of biennially. <br /> 2) Item A9 should read "Contract with a bike share business..." <br /> 3) Item B3 should read "Provide training to 10 businesses (owners and <br /> employees) annually on reducing environmental impacts. <br /> Moved by Councilmember Burandt and seconded by Councilmember Motin <br /> to approve the Energy City Commission Action Plan as presented in the staff <br /> report with the above-noted changes. Motion carried 5-0. <br /> 803 City Beautification Update <br /> Mr. Barnhart presented the staff report. <br /> Councilmember Motin asked if the trees needing replacement on Main Street were <br /> all trees on city property. <br /> Mr. Barnhart stated the trees on Main Street were on city property. <br /> PO 9 1 a I I BT <br /> NATUREI <br />