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6. PUBLIC HEARING <br />None. <br />7. COUNCIL BUSINESS <br />7.01: Authorization of Resolution #12- 05 -XXX Accepting Proposal on Sale of $16,875,000 <br />General Obligation Capital Improvement Plan Bonds, Series 20152A, Providing for <br />Their Issuance and levying a Tax for the Payment Thereof <br />City Administrator Ulrich reviewed the staff report. <br />Paul Donna, Northland Securities, explained the sale of $16,875,000 GO Capital Improvement <br />Plan Bonds, Series 20152A would be used to refinance the bonds issued in 2005 for the <br />municipal center and portion of the municipal center parking ramp. He noted the net present <br />cash flow savings had been estimated at $425,000; however, the favorable market conditions <br />resulted in a net present cash flow savings of $481,000. <br />Motion by Councilmember Wise, seconded by Councilmember McGlone, to adopt Resolution <br />#12 -05 -064 Accepting Proposal on the Sale of $16,875,000 General Obligation Capital <br />Improvement Plan Bonds, Series 20152A, Providing for their Issuance and Levying a Tax for the <br />Payment Thereof. <br />Motion carried. Voting Yes: Mayor Ramsey, Councilmembers Wise, McGlone, Backous, <br />Strommen, and Tossey. Voting No: None. Absent: Councilmember Elvig. <br />7.02: Consider Approval of Special Events Permit for The Penalty Box Bar & Grill, 10477 <br />St. Francis Boulevard NW <br />City Clerk Thieling reviewed the staff report and answered questions of the Council. <br />Motion by Councilmember McGlone, seconded by Councilmember Wise, to approve the Special <br />Events Permit for The Penalty Box Bar & Grill, 14077 St. Francis Boulevard NW, subject to the <br />following criteria: <br />1. Locate the tent in the front and as close to the building as possible; <br />2. Require a letter of support from the owner of the building; <br />3. Allow bands to play until midnight with the volume to be turned down at 11:00 p.m.; <br />4. Mr. McManus will hire someone to patrol parking spaces for other tenants in the strip <br />mall; <br />5. A tent inspection will be performed by a representative of the Ramsey Fire Department; <br />and, <br />6. Require $2,000 be placed in an escrow account, one week in advance, to pay for the two <br />licensed Ramsey officers and clean-up or any other expenses that may be incurred by the <br />City, with the understanding that if the costs exceed $2,000, Mr. McManus will be billed <br />for the remainder or, if the entire amount is not expended, Mr. McManus will be <br />reimbursed that amount left. <br />City Council / May 8, 2012 <br />Page 4 of 8 <br />