Good evening and welcome to this prayer lake city council meeting of July 28th. If you would please stand, join me in the pledge of allegiance. I pledge allegiance to the flag of the United States of America and to the stands one indivisible. >> Well, good evening. Um the first item on our agenda this evening is the public forum. The public forum is that opportunity for those in our council chambers to come before us to address council with anything that might be on their minds with the only exceptions or preclusions being items that are best left for a public hearing. So with that loan exception, is there anyone that would like to come before us this evening and be heard? Seeing none, I'd go ahead and move along to item three on our agenda council, and that is the approval of the agenda itself. If there are no changes requested, I would uh entertain a motion of approval as submitted. >> So moved. >> Second. >> Motion by Council Member Braid, second by Council Member Churchill to approve the agenda as submitted. All those in favor say I. >> I. >> I. That motion carries. Brings us to item four on our agenda this evening, which is uh for the approval of the July 14th, 2026 city council meeting minutes. Uh council same. If no changes are requested, I would entertain a motion to uh approve as submitted. >> So moved. >> Second. Motion by Council Member Braid, second by Council Member Lake to approve those meeting minutes. All those in favor say I. >> I. >> I. That motion carries, bringing us to item five, that is the consent agenda. And what I'd like to do is turn that over to manager Wedell to both present the consent agenda as well as those items before us. Manager Wedell. >> Thank you, mayor and counselors and members of the audience. So the consent agenda is for those items that are considered routine or non-controversial. They're placed all together on the consent agenda. So unless the mayor or a council member asks for an item to be removed for separate consideration, they're all approved together under a single motion, second, and a vote. If an item were to be removed for separate consideration tonight, it would be placed under item 10 on the agenda. So tonight, we have the following items on consent. We have the approval of the claims listing, a resolution accepting donations and grants to the city during the second quarter of 2026, approval of the June 2026 treasures report, approval of the second quarter 2026 investment report, approval of a work order amendment for the Lord's Bridge Rehabilitation Project, city project 2024-02, approval of the building permit summary report for the month of June and 2026. Resolution approving Verling Ridge wetland replacement plan city project 2026-05. Resolution receiving quotes and awarding a contract for control panel replacement at three city lift stations. A resolution approving a temporary liquor license for the Prior Lake VFW. Resolution approving the appointment of election judges for the 2026 election cycle. Resolution approving final payment for fire station one bathroom remodel. Resolution adopting the 2026 Scott County all hazards multi-jurisdictional mitigation plan. And finally, a resolution approving a temporary liquor license for the Prior Lake Chamber of Commerce. >> Thank you so much, manager Woodell. Council, are there any items before us this evening on the consent agenda that you would ask be removed and taken up under item 10? If none, I would entertain a motion to approve as submitted. So moved. >> Second. >> Motion by council member Brad, second by council member Helier. Uh to approve that consent agenda. All those in favor say I. >> I. >> I. That motion carries. Uh bringing us this evening to item eight on our agenda which is old business. And that is a resolution approving the issuance and sale of general obligation bonds series 2026A. And I can see we have finance director Kleener. >> Mayor and council. Tonight, we're asking the council to adopt the resolutions providing for the issuance and sale of general obligation bonds series 2026A. Tammy Amdall from Northland Public Finance is here in her role as the city's municipal adviser. She will discuss the city's bond rating, present the bids for the sale of the bonds, and request council approval to award the sale and issuance of the bonds. Good evening, mayor, city council members. Tammy Umdall with Northland Securities here to present on the results of the sale. Um, as noted, um, these bonds are being issued to finance, um, street and utility improvements, and you have before you a sale summary. The reason you just received it this evening is because this morning at 10:00 a.m. Northland accepted bids for the sale of these bonds in the approximate amount of $5 million. Before I get to the results, just noting um that as part of the process and we did recommend as been the case with the city's prior general obligation bonds to seek a rating and the AAA rating was affirmed by standard and pores S&P Global. I would note 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 say if you had a chance to read the report it um read similar to your prior reports with respect and I would note in particular the strength of financial management. I was a few minutes early and I was listening to the presentation. I emphasize to you the importance of that long-term finance plan and the maintenance of that AAA as well as the maintenance of your general fund reserves and the importance of maintaining that rating. >> Tammy, if I could. So again, please restate because it sounded so good coming from you. 29 cities >> as of June 2026. There are 29 cities in Minnesota >> of 850. >> No, mayor. Of 371. So, of the cities that SNP rates, there are 29 cities. So, it's just shy of 10% of the cities that SNP rates. >> Thank you. >> But I saw your excitement. You should still be very excited. It is very um hard to get that AAA and 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. So, congratulations to the city and congratulations to staff on the process. With that, I will get to the results and I will be brief. Um, there were eight bids received. Congratulations to the city on that alone. Um, low bid was from Raymond James out of um, Texas, Dallas, Texas. Final maturity on the bonds will be December 15, 2036. I would note the optional call date of December 15, 2034. In today's current market condition, and when you have a chance to look at the sale summary in more detail, you will see these bonds carry coupons in the four to 5% especially the shorter term. It is possible depending on where rates move that you would be able to refund these at some point for interest rate savings. These bonds were bid with premium. Your interest rate is not 5%. Your interest rate is 3.24%. Determined by tremendous cost taking into factor what the underwriter worked for. So I would note that because of those higher coupons you may have that opportunity in the future. with that the final par amount because the bonds were bid with premium the premium was not needed by the city so it reduced the principal amount of the bonds the par amount the final amount 4,670,000 compared to your set sale of 5 million45 the final true interest cost as I noted is 3.24% 24%. Mayor, council, I do recommend that you approve the resolution awarding the sale of the bonds to Raymond James and Associates. >> Council, any questions? Um, for my simple math, um, if you would share with me again the distinction between the nonpremium and the two numbers 5,45,000. So, carry me through that math and the significance to us as it relates to debt service. Mayor Council, so these bonds were the total premium bid was 328,630 when bonds are bid with premium and we estimate what the underwriter will work for. In this case, the underwriter also worked for less than what the allowance was. So that money comes back to the city. But in the case of premium, a city has a choice to either deposit that premium into your construction fund or your debt service fund. Sometimes cities do that when they're not certain of costs or they anticipate maybe some cost overruns or they're trying to manage their levies differently. But that is not free money. Premium means that the underwriter is paying you more than the um principal amount of the bonds in order to get those higher coupons. I noted the four and 5%. And how bonds work when there's premium that converts to yield. So yield with respect to your trenches cost is only 3.24% because these bonds were bid with premium and that premium was used to reduce the principle amount of the bonds being issued. I would note though there may be cases even in prior lake where staff and the circumstance would determine to use that premium for deposit to the construction funer debt service. That just wasn't necessary this year and for this issuance. Thank you for the uh education and clarification. >> You're welcome. Mayor >> um council, with that we have an item before us, >> which is a motion. >> I'll make a motion to approval the resolution approving the issuance of the sale of the general obligation bonds series 2526A. >> Second. We have a motion by council member Brad, a second by council member Lake to approve that resolution. Um, all those in favor say I. >> I. I. >> I. And that carries. Council. Bringing us uh now to that final agenda item we have before. Oh no, excuse me. Uh item uh 11, council member lies on updates. If I may look down at council member Helier to kick us off. >> Thank you, mayor and councel. Uh on the 15th I had the prior lake chamber of commerce board meeting. On the 20th, the planning commission had a work session. Um, and then on the 24th, I had my agenda review and that's it. >> Thank you so much, Council Member Helier. Council member Lake, mayor, counselors, uh, thank you. Uh, uh, had a lighter week, couple of weeks as tab was cancelled for the month of July. Um, and then on the 23rd I had my agenda review and today I also attended a drone as a first responder presentation. And that concludes my report. >> Thank you so much, Council Member Lake. Council member Churchill. >> Thank you, Mayor. I also had a very u light couple of weeks. On the 15th of July, I had my MVTA partnership committee meeting and I chose um to forego the agenda review meeting that was scheduled on Monday because I thought Jason might be super busy with the lift stations. >> I want to thank you for prioritizing his time on that item, Council Member Churchel. Um and thank you for your update. Uh, Council Member Brad, >> mayor, members of the council, uh, on 7:18 attended Rockin on Reeds. I'd like to say thanks to Nat or for putting on a a great event for the community. Um, definitely valued uh, by the community and a fun day in the sun. Um, also attended the Donas first responder uh, today and then on 7:24 uh, attended my agenda review. >> Thanks so much, uh, Council Member Braid. uh for my update um lays on update I have um really just uh two items. one is um on July looking here in my calendar on July 23rd um had the opportunity of being with council member Helier uh also the mayor of Lakeville uh Luke Helier uh city manager u Wedell and uh city administrator um Justin Miller of Lakeville as well as the League of Minnesota cities Daniel Lightoot. We had a wonderful two-hour uh update relative to legislative priorities right now. Us the city of Peril Lake partnering with the city of Lakeville on many of our legislative initiatives is um really a wonderful thing for us to be doing and for us to work so closely with the League of Minnesota cities. So I want to highlight that on my calendar and um really that is it. And with that I'll go ahead and see if Manager Wedell has anything he'd like to add. >> Thank you mayor and counselors and members of the audience. So, we've got two fun things coming up between now and our next city council meeting. So, on August 4th, night to unite. So, we've got a lot of neighborhoods signed up for that event. And uh it's always a fun time of year where we all get to go out with staff and counselors to the the various neighborhoods throughout the city and meet with their residents and bring out the big trucks and the fire engines and the squad cars and uh have a good time. So, that's coming up on August 4th. And then on August 6th, that same week, we've got Prior Lake Day at the St. Paul Saints. So tickets are still for sale. You can go online. Uh tickets are $18.91 because Prior Lake was incorporated in 1891. So uh it's going to be a fun night. We're going to be naming the Cormma question person of the year award at the game. Uh so that's something new this year. Uh so we're looking forward to that. >> Wonderful. Thank you so much, Manor Wedell. And actually, if I can before we uh look for that motion to adjourn, I just want to quick comment. Um many of the cities u in the state of Minnesota this past week were unfortunately intruded by a cyber incident that that created challenge for for many many cities across our state. Um, I'm pleased to share with the city or the citizens of Prior Lake that although it presented our team that oversee our water and our wastewater that your city staff um was not only fully prepared, they executed on a plan in less than six hours to see to it that the city of Prior Lake um saw absolutely no disruption of services. So, it's so often that great work goes unseen, unrecognized. And I just wanted to make sure that everybody in the city was made aware that great work, excellent work was was done this past week. Uh that saw to the benefit of all of us. And for that, I want to thank our public works team and director Mons for for all of his work as well as you uh manager Wedell. With that, again, I would entertain that wonderful motion that would conclude our meeting. >> I'd make a motion to adjourn the Prior Lake City Council meeting. >> Second. We >> have a motion and a second to adjurnn. All those in favor say I. I. >> I. That motion carries and the meeting is adjourned at 7:16