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CoLmcilmcmber Zimmerman inquired as to what type of guarantee will the City have to assure <br />them that thc school will llot sell the building after a certain number of years. <br /> <br />Mayor Gamcc explained that the City would not be liable for anything. <br /> <br />Finance Officer Lund explained that by placing the City of Ramsey name on the application it <br />will put the City over the $10 million bank qualified bonding limit so the City will receive a <br />higher interest rate on the capital equipment certificates. The Charter School will be responsible <br />to pay thc City that difference. <br /> <br />Councihncmber Zimmerman stated that he needed some assurance from the City Attorney before <br />hc would feel comfortable moving forward. <br /> <br />Mayor Gamcc noted that at some point it would be beneficial for staff to explain the different <br />types o f bonds that arc available. <br /> <br />Councilmcmber Elvig expressed concern over handling the process too quickly. <br /> <br />Finance Officer Lund noted that there are some cities that will not allow pass through bonds <br />because their name is on it. <br /> <br />Finance Officer Lund suggested that Briggs and Morgan attend the next meeting when the issue <br />is discussed. <br /> <br />Councilmcmber Kurak replied that she did not want the Charter School to be incurring legal <br />expenses to allSWCr questions. <br /> <br />Consensus was to discuss the issue with the City Attorney at a work session on December 9th. <br /> <br />2) 2004-2005 Capital Improvement Program (CIP) <br /> <br />Mayor Gamcc explained that the CIP is like a "road map" for the City to get to a certain point. <br />There arc a lot of changes that are usually made throughout the year. He also noted that just <br />because an item is added in the CIP does not mean that is going to happen. <br /> <br />Councihnember Cook also noted that if something is not included it the CIP it can be added by <br />the vote o1' tim City Council. <br /> <br />Director of Public Works/Fire Chief Kapler explained that the CIP is a five-year document, but <br />typically anything five years out is more conceptual than anything else. <br /> <br />Mayor Gamec stated that one of the things they will have to start at looking at is budgeting <br />additional funds for parks. <br /> <br />City Council Work Session/December 1, 2003 <br /> Page 2 of 7 <br /> <br /> <br />