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52. Resolution #84-10 dated January 24, 1984 authorizing airport site study <br /> agreement. <br /> <br />53. Resolution ~84-11 dated February 13, 1984 authorizing Evensen-Dodge, Inc. <br /> to explore the feasibility of refinancing 1981 and 1982 bond issues. <br /> <br />Council noted receiving a petition dated January 24, 1984 requesting Council <br />to classify Sunfish Lake to natural and environmental and correct the name on <br />maps to "Sunfish" instead of "Grass" <br /> <br />STAFF REPORTS <br /> <br />a) City Administrator - Council noted. <br /> <br />b) Building Official - Council noted. <br /> <br />c) Chief of Police - Council noted. <br /> <br />d) Tree Inspector - Council noted. <br /> <br />e) City Engineer ~ Council noted. <br /> <br />COUNCIL OLD BUSINESS <br /> <br />Case $1: Advanced Refunding Of City's 1981 Improvement Bonds: <br /> <br />Mr. Don Keysser of Evensen-Dodge was present and stated that Ramsey issued <br />General Obligation Bonds in 1981 and 1982 at an all time high interest rate. <br />The City can advance refund those bonds by issuing new GO bonds, taking the <br />net proceed together with reserve funds and depositing in that account and <br />structure escrow accounts so they will pay all debt service on the bonds. <br />The City now pays debt service on the new bonds and ends up paying less <br />interest. Evensen-Dodge recommends a sale as early as possible because the <br />market is in a very good position at this time. Evensen-Dodge estimates a <br />net savings~ of $35,000-$40,000 for the City. <br /> <br />City Attorney Goodrich inquired if there were any limitations put on how <br />often a City can perform this procedure. <br /> <br />Mr. Keysser replied that legally, there are no limitations; if interest goes <br />even lower, these new bonds could be refunded. Mr. Keysser also noted that <br />the City is not obligated in any way until you see the actual bids and what <br />the net savings will be; bond refund sales are very interest rate sensitive. <br /> <br />Motion by Councilmember Sorteberg and seconded by Councilmember Van Wagner to <br />adopt Resolution #84-12 authorizing Evensen-Dodge, Inc. to proceed with the <br />marketing of the proposed refunding of 1981 and 1982 bonds. (Please refer to <br />resolution file for Resolution #84-12). <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Coun¢ilmembers Sorteberg, Reimann, <br />Schlueter and Van Wagner. Voting No: None. <br /> <br />Case #2: Proposed Adjustments For 1984 Assessments Payable 1985: <br /> <br />City Assessor Les Wirz was present and stated that most cities in the County <br />have raised their percentage somewhat each year. Ramsey has not and if we <br />don't make some effort to start raising it, we may be forced into a drastic <br />increase all in one year. <br /> <br />C/February 28, 1984 <br />Page 10 of 24 <br /> <br /> <br />