Laserfiche WebLink
Motion by Councilmember Strommen, seconded by Councilmember Zimmerman, to recommend <br />that the City Council adopt the resolution adopting the 2004 City of Ramsey General Fund <br />Operating Budget. <br /> <br />Motion carried. Voting Yes: <br />Zimmennan. VotingNo: None. <br /> <br />Chairperson Elvig, and Councilmembers Strommen, and <br /> <br />Case #2: Review and Adopt 2004 HRA Levy <br /> <br />Finance Officer Lund stated that on November 28, 1998, the City Council approved a resolution <br />creating the EDA for the City of Ramsey. The resolution gives all the statutory powers of an <br />Economic Development Authority (EDA) and Housing and Redevelopment Authority (HRA) to <br />the Ramsey EDA. The levy is based on the City's taxable market value for payable 2004, and the <br />City would be allowed to levy $200,078. The levy would be used to fund the second year of a <br />three-year payback to the City for the purchase of Alloy Recovery, and for land purchases, staff <br />time and consulting services needed to market and develop industrial sites. At the EDA's <br />monthly meeting on Monday, September 8, 2003, they authorized a levy of $200,078 and <br />Council adopted the proposed HRA Levy of $200,078 at its regular meeting of September 9, <br />2003. <br /> <br />Councihnember Elvig stated that when the City Council adopted the proposed HRA levy it was <br />done with the requirement of receiving a breakdown of where the money would be spent. He <br />was reluctant with moving forward without that breakdown. <br /> <br />Finance Officer Lund replied that they were able to table action until December 16th and allow <br />the City Council time to review the list. <br /> <br />Councihnember Strommen noted that a detailed budget was submitted to the EDA, but it was <br />never presented to the City Council. <br /> <br />Motion by Councilmember Elvig, seconded by Councilmember Strommen, to table action until <br />December 16, 2003. <br /> <br />Motion carried. Voting Yes: <br />Zimmerman. Voting No: None. <br /> <br />Chairperson Elvig, and Councilmembers Strommen, and <br /> <br />Case #3: <br /> <br />Authorization of the Issuance and Awarding the Sale of $675,000 General <br />Obligation Equipment Certificates of 2003 <br /> <br />Finance Officer Lund stated that part of the 2004 levy and budget includes the purchase of capital <br />equipment that would be funded partially through the issuance of capital equipment certificates. <br />The amount of the certificates to be issued is $675,000. The bond sale was held and the City did <br />receive a bond rate of 2.18 percent, which was lower than what was projected. <br /> <br />Finance Committee/December 9, 2003 <br /> Page 2 of 6 <br /> <br /> <br />