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Case #3: Authorize Various 2005Capital Purchases <br /> <br />Finance Office Lund explained the 2005 Adopted General Fund Budget 2005 Capital Purchases <br />are included in the Council packet, Exhibit 1. Minnesota bid laws require different levels of <br />competitive bidding based on dollar amounts of the item to be purchased. These items will be <br />funded via the Capital Equipment Certificates that were issued December 30, 2004. Purchases <br />estimated to be $50,000 or more are required to be brought forward as a sealed bid, The only <br />item that falls under that category is the replacement of three squad cars. The City is on a <br />rotating program of squad replacement. These vehicles can be purchased from the Hennepin <br />County Cooperative Purchasing venture!hrough Superior Ford. For purchases estimated to be <br />$10,000 to $50,000 sealed bids are recommended or direct negotiations, with three quotations <br />whenever possible and no less than twolbids. For purchases estimated to be less than $10,000 <br />open market or quotations are allowed. <br /> <br />Councihnember Elvig inquired about the bonding procedure. <br /> <br />Finance Officer Lund replied there will be bids on the day of the bond sale and the City will take <br />the lowest rate that is offered. She explained the lease revenue bonds are included on the EDA <br />agenda tomorrow to ensure that EDA approval is obtained in time for the bonding procedure. <br /> <br />Chairperson Strommen suggested the introduction information be included with the bidding <br />information, as it is helpful to supply mOre information in the beginning of the year, especially <br />with the new Council. <br /> <br />Motion by Councilmember Elvig, seconded by Councilmember Olson, to recommend that the <br />City Council approve proceeding with the purchase of the aforementioned capital outlay items <br />included in the 2005 Adopted General Fund Budget. <br /> <br />Further discussion: Finance Officer Lund indicated the amendment to the general fund budget <br />will be on the Consent Agenda of the next City Council meeting. <br /> <br />Motion carried. Voting Yes: Chairperson StrOmmen, and Councilmembers Elvig and Olson. <br />Voting No: None. <br /> <br />COMMITTEE INPUT <br /> <br />Nolle. <br /> <br />ADJOURNMENT <br /> <br />Motion by Councilmember Olson, seconded by Councilmember Elvig, to adjourn the meeting. <br /> <br />Motion carried. <br /> <br />Finance Committee/January 11, 2005 <br /> Page 3 of 4 <br /> <br /> <br />