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APPROVE MINUTES <br /> Chairperson Field referenced the roll call vote which states six members and he believed seven <br /> members were present. It was noted that Commissioner Barrows was present but abstained from <br /> the vote and should be noted as such. <br /> Motion by Commissioner Deemer, seconded by Commissioner Barrows, to approve the <br /> following meeting minutes as presented: <br /> 1) Regular Charter Commission Meeting dated July 13, 2016 <br /> Motion carried. Voting Yes: Chairperson Field, Commissioners Deemer, Barrows, S. Anderson, <br /> and Bendtsen. Voting No: None. Absent: Commissioners M. Anderson, Niederhaus, Sivertson, <br /> and Zaetsch. <br /> COMMISSION BUSINESS <br /> 5.1 Review of Bond Regulations and Tax Increment <br /> Commissioner Sivertson arrived. <br /> Stacy Kvilvang, Ehlers, provided an overview of municipal bond regulations. She reviewed the <br /> different types of bond financing and the methods in which a city most often uses the different <br /> types of bonds. <br /> Commissioner Deemer asked for more details on whether a special election would be needed for <br /> a reverse referendum and which portion of the Council would be necessary to approve an item. <br /> Ms. Kvilvang explained that in the situation of a reverse referendum, the question would be <br /> placed on the ballot for the next general election. She noted that in reference to the question <br /> regarding Council approval, that would simply require a majority (four out of seven members). She <br /> provided information regarding the authority to issue debt and the different bonding methods a <br /> municipality has. She noted the bonds that an Economic Development Authority (EDA) can <br /> issue. <br /> Chairperson Field asked the typical duration of the bonds. <br /> Ms. Kvilvang stated that road projects are typically ten to 15 years but projects like city halls are <br /> often financed at a longer period of 20 to 25 years. <br /> Chairperson Field asked and received confirmation that revenue bonds can have a higher rate <br /> than general obligation bonds because of the risk. <br /> Commissioner Deemer noted that it appears that the call date and final payment date do not <br /> match. <br /> Charter Commission/October 19,2016 <br /> Page 2 of 5 <br />