01:27The council was presented with a proposal to issue a general obligation bond for the Public Utility Commission to finance improvements at the power plant, including the replacement of a transformer. This bond, which would require council approval, is designed to secure better interest rates by utilizing the city’s A+ bond rating. The proposed bond would be at 3.76% over 20 years and is expected to cover equipment upgrades without increasing taxes, as the debt service payments would be funded from existing utility revenues. The council is expected to vote on the resolution in the fall.

11:21Additionally, the council addressed concerns about the city’s health insurance plan, which has seen a 133% increase this year. There was a suggestion to research other health insurance providers, as the current plan with Health Partners may not be the most cost-effective option. The council intends to explore this further in the upcoming months to potentially find a more affordable and beneficial plan for city employees.