Agenda - Parks and Recreation Commission - 03/15/1984

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