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2003 legislative session, governmental units are now allowed to issue Capital Improvement <br />Bonds to finance municipal projects such as City Halls, Police and Fire Stations. Capital <br />Improvement Bonds versus a Lease Revenue Bond offer a lower rate of' interest of approximately <br />.25°/'0. At the September 13, 2004 City Council meeting, the Council authorized the issuance of <br />General Obligation C[P Bonds after the required public hearing was held. Per the CIP bonding <br />requirements, the actual bond sale cannot occur until after 30 days of the public hearing to allow <br />for any parties who wish to petition the bonding. <br /> <br />Councihnember Strommen indicated Paul Donna was present during the Finance Committee <br />meeting and he relayed a discussion he had with Moody's, in which the City's A1 rating was <br />confirmed. <br /> <br />Motion by Councitmember Cook, seconded by Councihnember Strommen; to ratify, the <br />recommendation of the Finance Committee and authorize the adoption of Resolution #4-10-XXX <br />accepting proposal on the sale of $1,485,000 General Obligation Capital Improvement Crossover <br />Refunding Bonds, Seres 2004. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councihnernbers Cook, Strommen, Kurak, <br />Pearson, and Zimmen-nan. Voting No: None. Absent: Councilrnember Elvig. <br /> <br />Further discussion: Mayor Gamec stated Mr. Donna has been watching the City's finances with <br />Ms. Lund, and over the past year the City has saved dose to two million dollars in financing and <br />charges by being alert and being able to renegotiate a lot of these bonds. <br /> <br />4) Approve Alpine Park's Discovery Garden <br /> <br />Councihnember Strommen indicated one of the 2003 Parks Capital Improvement Projects <br />proposed was a unique play~ound area at Alpine Park. The proposed Alpine Park Discovery <br />Garden was approved to move forward by the Council in September of last year. A joint meeting <br />was held with the Park and Recreation Commission in June, and a line item budget estimate has <br />now been prepared. The Finance Committee recommended the Council authorize the project in <br />the amount of $117,008. There are some anticipated savings that may get subtracted off that <br />amount tt2'ough a donation by the Ramsey Rotary, recycling funds and City labor. The Finance <br />Comrnittee recommended the approval of the full amount at this time, with the savings to be <br />realized later if they are available. <br /> <br />Mayor Gamec stated this is a unique plan. Alpine Park has been a very active park at the base of <br />the old landfill that has really been improved. It is really an asset to the community and youth <br />and the people in the area. <br /> <br />Motion by Councitmember Cook, seconded by Councilmember Zi~mnennan, to ratify, the <br />recommendation of the Finance Committee and adopt Resolution #04-10-322 authorizing <br />$117,008 of Park Trust Funds for the construction of Alpine Park's Discovery Garden. <br /> <br />PSO <br /> <br />City CouncildOctober 26, 2004 <br /> Page 6 of 15 <br /> <br /> <br />