By unanimous vote, the Spring Lake Park City Council has approved a new general obligation equipment certificate.
The $675,000 certificate was approved Feb. 4 on a 3-0 vote. Councilmember Jeanne Mason was absent.
As the city was preparing to sell the certificate, which will be paid back over five years, the credit rating was checked with Moody’s Investors Service, said Steven Mattson, Northland Securities executive vice president and the city’s financial consultant.
Moody’s gave the city a very good rating. The new Aa3 is just two notches below an Aaa, he said.
In 2009, the city’s rating was at A2, Mattson said.
The city will be paying less than 1 percent interest rate on the certificate annually, said Assistant City Administrator Dan Buchholz.
The council Dec. 3 approved the projects that will be paid for by the equipment certificate.
Among the equipment purchases planned for 2013 are $4,300 for iPads for council and staff; replacing the council chambers audio-visual equipment to upgrade the equipment from analog to digital, estimated at $154,968, as well as $20,000 for a new police department copier and $36,000 for six cameras for the squad cars.
The certificate also includes a yearly payment of $30,000 on Spring Lake Park’s share of the Spring Lake Park-Blaine-Mounds View Fire Department fire truck purchase and the replacement of the 1991 Ford dump truck with a plow truck with wing plow, belly plow and sander.
In 2014, the certificate will also fund replacing the staff computers and a server, which are estimated at $81,500.
In 2015, the certificate will be used to replace the public works’s mower with a 4100 D mower, estimated at $50,000.
Tammy Sakry is at firstname.lastname@example.org