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130.04 and 130.05 of the City Code. <br /> <br />Further Discussion: Councilmember Reimann requested that Items 3 and 4 be <br />removed from the Consent Agenda and addressed later in the meeting. <br />Councilmember Schlueter inquired if there are usually any discrepancies between <br />what is contained in the bills portfolio versus what is contained in the <br />agenda. Councilmember Reimann replied that when reviewing the bills, he <br />usually has questions on them that require clarification. Councilmember <br />Schlueter stated that when she has questions that don't need to be brought up <br />in front of the entire council, she goes right to the information source. <br />Councilmember Cox stated that Councilmember Reimann was designated to review <br />the bills and he should be allowed the time to do so. Councilmember Reimann <br />stated that he did not have time to review the bills and license applications <br />prior to the meeting. <br /> <br />Mayor Heitman amended his motion to approve the Consent Agenda with the <br />exception of Item #3 (Approve License Applications) and Item #4 (Approve <br />Monthly Bills For July, 1986), which will be placed on the regular agenda as <br />Case #18A. Councilmember Schlueter seconded the amended motion. <br /> <br />Motion carried as amended. Voting Yes: Mayor Heitman, Councilmembers <br />Sorteberg, Cox, Reimann and Schlueter. Voting No: None. <br /> <br />COUNCIL BUSINESS <br /> <br />Financial Report On Proposed Improvements To The Industrial Area; <br /> <br />Mr. Richard Treptow of Springsted Incorporated was present to review the <br />financial characteristics of the proposed improvements to the industrial area. <br />Mr. Treptow stated that the revenues to cover the cost of the bond issue will <br />come from assessments and tax increment revenues. Mr. Treptow stated that in <br />light of today's favorable interest rate, it makes good sense to sell a longer <br />bond issue at this time. Mr. Treptow noted that with the amount of incoming <br />tax increment revenues projected, Ramsey will have the opportunity and <br />capability to do a considerable amount of additional financing. The bonds will <br />be issued so that 3/4 of the principal will be callable in 8-9 years. Mr. <br />Treptow recommended that the bond sale take place by September 23 as Ramsey <br />will need bond proceeds in hand by mid-October. <br /> <br />Council consensus was to schedule a special Council meeting for August 12, 1986 <br />for the purpose of setting a bond sale date. <br /> <br />1985 Comprehensive Annual Financial Report: <br /> <br />Mr. Ed Robinson and Mr. John Lilja of Deloitte, Haskins and Sells were present <br />to review the results of the Comprehensive Annual Financial Report audit. <br /> <br />Mr. Robinson stated that the audit report is excellent and fully complies with <br />all requirements for certificate of conformance. <br /> <br />Mr. Lilja stated that the commentary report discusses internal control; <br />Ramsey's staff is small in number and it is hoped that with growth, attention <br />will be given to having adequate accounting staff on board. The city is in <br />good financial health; recommend that the new sewer and water fund be watched <br /> July 22, 1986 <br /> <br />Page 5 of 17 <br /> <br /> <br />