Prior Lake City Council — Transcript
Wednesday, August 12, 2026
Consent Agenda Review & Approval
General Obligation Bonds Issuance and Sale
City Updates, Strategic Partnerships, and Operational Resilience
Votes (2)
Consent Agenda
Moved by Council Member Brad [00:06:51] · Seconded by Council Member Helier [00:06:52]
City Manager Wedell presented the consent agenda, which grouped together several routine and non-controversial items for efficient approval. These items ranged from financial reports and project amendments to temporary licenses and personnel appointments. There was no discussion or requests from council members to remove any item for separate consideration.
Resolution Approving the Issuance and Sale of General Obligation Bonds Series 2026A
Moved by Council Member Brad [00:16:35] · Seconded by Council Member Lake [00:16:38]
Finance Director Kleener and Municipal Adviser Tammy Amdall presented the resolution for the issuance and sale of general obligation bonds to finance street and utility improvements. Amdall detailed the city's affirmed AAA bond rating from S&P Global, emphasizing its rarity in Minnesota and the importance of strong financial management. She explained the competitive bidding process, resulting in eight bids, and the low bid from Raymond James, achieving a true interest cost of 3.24% for the $4.67 million bonds despite higher coupons due to a premium bid, which reduced the principal amount.
Notable Quotes (3)
As of June there are only 29 cities in Minnesota that hold that rating. It's less than 10% of the um cities that S&P rates in Minnesota. So congratulations to the city.
I would note the maintenance of it is important. that long-term finance planning, maintaining those reserves, not at your bare minimum, but at levels above that, and ensuring that in years that you don't have those surpluses, and I listened um to staff talk about that, the importance that if you were to have to actually levy taxes in order to maintain that reserve that is pursuant to your policy.
Your interest rate is not 5%. Your interest rate is 3.24%. Determined by tremendous cost taking into factor what the underwriter worked for.
Ordinances & Resolutions (17)
Routine approval of city expenditures.
Accepting donations and grants to the city during the second quarter of 2026.
Financial report presented for approval.
Financial report presented for approval.
Amendment related to a city infrastructure project.
Summary of building permits issued.
Approval of a specific environmental restoration plan.
Approval of a contract for utility infrastructure maintenance.
Approval of a temporary license for a local organization.
Appointment of personnel for upcoming elections.
Approval of final payment for a city facility renovation.
Adoption of a regional disaster preparedness plan.
Approval of a temporary license for a local organization.
Bonds issued to finance street and utility improvements.
Highest credit rating affirmed by S&P Global for the city's bonds.
Strategic document guiding the city's financial management.
A plan to address multiple hazards across jurisdictions.