Minutes - Council - 10/26/2004 - Laserfiche WebLink

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