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I I I I I ! I I 52. Resol. u~ion #84-10 dated January 24, 1984 authorizing airport site study agrea~n~nt,I 53. Reso~uti°~ #84~11 dated February 13, 1984 authorizing Evensen-Dodge, Inc. to eXP!ore~ the feasibility of refinancing 1981 and 1982 bond issues. Council noted ~eceiving a petition dated January 24, 1984 requesting Council to classi~yii Sunfish Lake to natural and environmental and correct the name on maps to "S~fi~h" instead of "Grass". STAFF P~EP ORTS a) City Admin%strator - Council noted. b) Building Official - Council noted. c) Chief of P~lice - Council noted. d) Tree I~spegtor - Council noted. e) City Engineer - Council noted. COUNCIL 0L~_~. BUSINESS Case %1: ~Advg~ced Refunding Of City's 1981 Improvement Bonds: Mr. Don KeYSser of Evensen-Dodge was present and stated that Ramsey issued General 0b~iga~ion Bonds in 1981 and 1982 at an all time high interest rate. The City~n a~vance refund those bonds by issuing new GO bonds, taking the net procee~ ~O~ether with reserve funds and depositing in that account and structure~escr~w accounts so they will pay all debt service on the bonds. The City ~w p~ys debt service on the new bonds and ends up paying less interest.~ ;Eye,sen-Dodge recommends a sale as early as possible because the market is in aI very good position at this time. Evensen-Dodge estimates a net saVingS~ of~$35,000-$40,000 for the City. City Attorney ~oodrich inquired if there were any limitations put on how often a ~£ty can perform this procedure. Mr. Keysser r6~lied that legally, there are no limitations; if interest goes even lower~ t~se new bonds could be refunded. 'Mr. Keysser also noted that the City :i~ ndt obligated in any way until you see the actual bids and what the net sa~in~s will be; bond refund sales are very interest rate sensitive. Motion by ~oU~.Cilmember Sorteberg and seconded by Councilmember Van Wagner to adopt Re~o~ut~on #84-12 authorizing Evensen-Dodge, Inc. to proceed with the marketi~ Of ~he proposed refunding of 1981 and 1982 bonds. (Please refer to resolutiOnlfi~e for R~solution #84-12). Motion carried. Voting Yes: Mayor Gamec, Councilmembers Sorteberg, Reimann, Schlueter and iVan Wagner. Voting No: None. Case #2~ Proposed Adjustments For 1984 Assessments Payable 1985: City AsSesSor~Les Wirz was present and stated that most cities in the County have rai~e~ t~eir percentage somewhat each year. Ramsey has not and if we don't make~ so~e effort to start raising it, we may be forced into a drastic ~ncrease~&~l in ~ne year. C/February 28, 1984 Page 10 of 24