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Councilmember Strommen requested that the November 25~h City Council meeting minutes be <br />pulled for further discussion under Mayor/Council Input. <br /> <br />Motion by Councilmember Pearson, seconded by Councilmember Elvig, to approve the items on <br />the Consent Agenda as presented: <br /> <br /> 1) Approve the Following City Council and Council Committee Meeting Minutes <br /> a) City Council/Regular/November 25, 2003 (Item as pulled from the Consent Agenda) <br /> b) City Council/Work Session/December 1, 2003 <br /> c) Personnel Committee/Regular/November 25, 2003 <br />2) Receive Report of Pooled Cash Flows Period Ended November 30, 2003 <br />3) Adopt Resolution #03-12-331 Approving Cash Disbursements Made and Authorizing <br /> Payment of Accounts Payable Invoicing Received During the Period of November 30, 2003 <br /> through December 4, 2003 <br />4) Adopt Resolution #03-12-332 Approving 3rd Partial and Final Payment to Hydrocon, Inc. for <br /> Improvement Project #03-21 (Sunwood Drive Lift Station) <br />5) Adopt Resolution #03-12-333 Approving 8th Partial Payment to La Tour Construction for <br /> Improvement Project #99-52 (Sunwood Drive Extension) <br /> <br />Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Pearson, Elvig, Cook, Kurak, <br />Strommen, and Zimmerman. Voting No: None. <br /> <br />COUNCIL BUSINESS <br /> <br />Case #1: <br /> <br />Preliminary Approval for the Issuance of Revenue Bonds for PACT Charter <br />School <br /> <br />Mayor Gamec called the public hear/ng to order at 7:15 p.m. <br /> <br />Presentation <br /> <br />Finance Officer Lund stated that the PACT Charter School has asked the City to issue revenue <br />bonds on their behalf to finance a Charter School facility in the City. State and Federal law <br />allows cities to issue bonds and loan the proceeds to nonprofit corporations to finance capital <br />expenditures. By issuing tax-exempt bonds through the City, the Charter school reduces their <br />borrowing costs due to the tax-exempt status. The PACT Charter School has agreed to pay all <br />principal and interest on the bonds, whereas the City is merely a conduit and the money and <br />obligations are between the PACT Charter School and the Trustee for the bondholders. PACT <br />Charter School will be held responsible for all fees that are incurred for the issuance of this bond. <br />Also, PACT will be required for all fees associated with the costs incurred by the City relating to <br />their own bond issuance if PACT's bond issues causes the City to become non-bank qualified. <br />To remain bank qualified, which offers a lower interest rates, the City must not borrow more than <br />ten million dollars in any one calendar year. Thus, PACT will be responsible for the additional <br />costs incurred on the City's 2003 Capital Equipment certificates, and also for any costs incurred <br />in 2004, as the City is planning on issuing a total of 5 to 7 million dollars, for the Town Center <br />project. <br /> <br />P74 <br /> <br />City Council/December 16, 2003 <br /> Page 4 of 32 <br /> <br /> <br />