Minutes - Council - 04/12/2005 - Laserfiche WebLink

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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) l:inance Officer Lund explained at the April 5, 2005 work session, the Council was presented with f'unding scenarios for the Municipal Center Project to keep the City's tax capacity rate at approximately its current rate of 38.15%. 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 fi'om 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 lhe May 24, 2005 City Council meeting. Before this can occur, Council needs to authorize the sale el~ 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; thc 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 tiao bonds; the resolution authorizes the sale of the bonds. Councilmember Elvig stated the Council has been very tenacious to look at the different pro lbrma 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 Councilmember 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, Councilmembers Cook, Elvig, Olson, Pearson, and Strommcn. Voting No: None. Absent: Councilmember Jeffrey. MAYOR AND COUNCIL INPUT Commissioner/Volunteer Appreciation Dinner Mayor (3amec announced the Commissioner/Volunteer Appreciation Dinner will be on April 18th ~t 6:00 p.m. at Majestic Oaks. 2) Council Update Councilmcmber Cook indicated he received an email today from Councilmember Jeffrey rcquesting someone to attend the Council Update in his place tomorrow. Mayor Gamec stated he would attend the Council Update. City Council/April 12, 2005 Page 34 of 35