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PROCEKDINGS OF CITY COUNCIL <br /> CITY OF RAMSEY <br /> ANOKA COUNTY <br /> STATE OF MINNESOTA <br /> <br />The Ramsey City Council conducted s special meeting on Tuesdsy, September <br />1986 st the Ramsey Municipal Center, 15153 Nowthen Blvd. N.W., Ramsey, <br />Minnesota. <br /> <br />Membere Present: <br /> <br />Mayor Gary Reimann <br />Councilmember Arnie Cox <br />Councilmember Jean Schlueter <br />Councilmember A1 $orteberg <br /> <br />Also Present: <br /> <br />City Administrator David Rartley <br /> <br />Mayor Reimann called the special Council meeting to order at 6:08 p.m. and led <br />in the Pledge of Allegiance to the Flag. <br /> <br />CITIZEN INPUT <br /> <br />None, <br /> <br />Councilmember Cox gave a brief update on water drainage relief efforts being <br />funded by the DNR matching grant. <br /> <br />COUNCIL BUSINESS <br /> <br />~ Adovtion Of Resolution Providin~ For The Issuance And Sale Of <br /> $2,350.000 General (~oli~ation Tax Increment Bonds: <br /> <br />Mr. Dick Treptow of Springsted, Inc. was present to review the characteristics <br />of the bond sale with Council. Mr. Treptow stated that since his last review <br />of the bond issue with Council, there has been a change; land write downs and <br />soil corrections for River's Bend Plaza and Flintwood III have been deleted. <br />There is now a Federal law effective that says you can't borrow money to do tax <br />exempt improvements for private developers; State law provides for a variety of <br />ways to spend tax increment revenues. This $2,350,000 bond issue will cover <br />water and sewer to the industrial area, a water storage facility, sewer and <br />water in Flintwood III and a well. <br /> <br />Mr. Rartley stated that developers find discomfort with the fact that they are <br />charged interest from the date of the bond sale rather from when the funds are <br />disbursed and during that interim period, the City is earning interest on the <br />money. Mr. Hartley explained that ILamsey's borrows the minimum amount of funds <br />required and this fine tuned money management reduces the size of the bond <br />issue required. <br /> <br />Mr. Treptow stated that ILamsey's incoming tax increments resulting from 1986 <br /> September 2, 1986 <br /> <br />Page 1 of 2 <br /> <br /> <br />