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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 amended: <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 />