Laserfiche WebLink
Case#3: Reimbursement and Certificate Sale Pertaining to Capital Equipment <br /> Certificates of Indebtedness <br /> <br />Finance Officer Lund stated that as part of the 2003 levy and budget, the capital equipment <br />would be funded partially through the issuance of capital equipment certificates. The amount of <br />certificates to be issued is approximately $295,000. Staff is working with Community First Bank <br />to obtain these certificates. <br /> <br />Motion by Mayor Gamec, seconded by Councilmember Anderson, to recommend that the City <br />Council adopt the resolution confirming the sale of Capital Certificates of Indebtedness to <br />Community First Bank. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Anderson, Kurak, and <br />Zimmerman. Voting No: Councilmember Hendriksen. <br /> <br />COMMITTEE INPUT <br /> <br />Mayor Gamec stated that it appears as though the local government aids are safe for this year, but <br />the question is what is going to happen next year. Many cities are looking at different types of <br />levies and franchise fees. <br /> <br />Councilmember Zimmerman requested that the Finance Officer review the two sources of <br />funding the City used to receive from the State. <br /> <br />Finance Officer Lund explained that the City previously received HACA funds that were <br />approximately $528,000 and the City currently receives local government aid. The question is <br />will the State cut the local government aid. <br /> <br />Councihnember Hendriksen requested that the Finance Officer discuss the impact the changes <br />have had on the TIF Districts. <br /> <br />Finance Officer Lurid explained that in 2002, the City received a 40 percent reduction on the <br />property tax classification rate. <br /> <br />Councihnember Zimmerman inquired if the City will have enough taxes in the TIF District to <br />pay back the bonds. <br /> <br />Finance Officer Lund replied yes. <br /> <br />ADJOURNMENT <br /> <br />Motion by Councilmember Anderson, seconded by Councilmember Zimmennan, to adjourn the <br />meeting. <br /> <br />Finance Committee/December 10, 2002 <br /> Page 3 of 4 <br /> <br /> <br />