Agenda - Planning Commission - 05/05/2005

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Case #18: Adopt Resolution #05-04-XXX Authorizing the Sale Of Approximately $18,640,000 Public Project Lease Revenue Bonds; Series 2005A and $4,335,000 General Obligation Permanent Improvement Revolving Fund Bonds Series 2005B (Consent Agenda No. 13) Finance Officer Lund explained at the April 5, 2005 work session, the Council was presented with funding scenarios for the Municipal Center Project to keep the City's tax capacity rate at approximately its current rate of38:15%. It was determined this would be accomplished through capitalizing interest on the Municipal Center project in the amount of $375,000 and a transfer of $375,000 from the Landfill Trust Fund. The Council was also presented with a timetable outlining the bonding process for the Municipal Center project, which shows bonds to be issued at the May 24, 2005 City Council meeting. Before this can occur, Council needs to authorize the sale of approximately $18,640,000 in lease revenue bonds for the project. As part of the bonding that will occur on May 24, General Obligation bonds will be issued in the amount of $4,335,000, which is the County's portion of the AUAR roadway improvements. This bond sale needs to be authorized. She explained the resolution before the Council tonight is not the actual issuance of the bonds; the resolution authorizes the sale of the bonds. Councilmember Elvig stated the Council has been very tenacious to look at the different pro forma studies all the way along the line. In the last discussion the Council was quite emphatic about keeping the tax rate the same. The goal is to build a City Hall without raising taxes, which he thinks is very attainable. Motion by Councihnember Cook, seconded by Councilmember Elvig, to adopt Resolution #05- 04-103 authorizing the sale of approximately $18,640,000 lease revenue bonds for the Municipal. Center Project and $4,335,000 General Obligation Permanent Improvement Revolving Fund Bonds for the County's share of the AUAR roadway improvements. Motion carried. Voting Yes: Mayor Gamec, Councilmernbers Cook, Elvig, Olson, Pearson, and Strommen. Voting No: None. Absent: Councilmember Jeffrey. MAYOR AND COUNCIL INPUT 1) Commissioner/Volunteer Appreciation Dinner Mayor Gamec announced the Commissioner/Volunteer Appreciation Dinner will beon April 18'h at 6:00 p.m. at Majestic Oaks. 2) Council Update Councilmember Cook indicated he received '- an email today from Councilmember Jeffrey requesting someone to attend the Council Update in his.place tomorrow. 'Mayor Gamec stated he would attend the Council Update. Pl14 City CounciI/April 12, 2005 Page 34 of 35