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Ecluipmcnt Revolving Fund (I 0%) $9,282.16 Facilities Construction Fund (40%) 37,128.65 Public Improvement P,,evolving Fund (40%) 37,128.64 Park Trust Fund (10%) 9,282.16 Councilmcmber Elvig commented there was discussion of these funds being transferred laterally fi'om excess funds to the Municipal Center, but that when the bonding is done they may choose to put those funds back in place and distribute them accordingly. He questioned if this should be debated. Finance Officer Lund replied this would require a larger bond for the Municipal Center, which will affect the 38.5 percent tax rate. She noted basically the funds are moving from one fund to another. Councilmcmber Elvig explained his only concern is that the Council did not discuss this. He requested the following typos be corrected: page 348, item 1 (c):.=~m',~¥ Forty_ percent (40%) to Ftmd #400 - Public Improvement Revolving Fund, and page 349, item b: FiLq Forty percent (40%) to I.'und #400 - Public Improvement Revolving Fund. Councilmctnber Strommen indicated she agrees this Council did not discuss the funds being returned and bonding for the higher amount, but it was discussed indirectly when the Council discussed thc fiscal impact and the need to come up with additional funds. Finance Officer Lund advised the reviews of the Municipal Center project financing have always shown the l 9 million dollars less the one million dollars in internal funding. Councilmcmber Elvig indicated he likes the idea of putting some cash into the Municipal Center project. Motion by Councilmember Elvig, seconded by Councilmember Olson, to recommend that the City Council adopt a resolution authorizing the transfer of the General Fund Excess Revenues to the l';quipment Revolving Fund, the Facilities Construction Fund, the Public Improvement Revolving Fund and the Park Trust Fund at the rates stated above. Motion carried. Voting Yes: Chairperson Strommen, Councilmembers Elvig and Olson. Voting No: None. (iasc #2: Conduit Debt Policy Finance Office Lund stated the City has recently been approached by Crestview and Lord of Life Church about thc issuance of debt for their respective projects in the Ramsey Town Center and llighway 47. The debt that would be issued is known as conduit debt, or pass-through debt. This is the same form of debt that the PACT charter school used for financing of their school last year. Currently, there is no policy in place of how the City should handle conduit debt. With more devdopment within Town Center and area wide, the City is more likely to see an increase of Finance Committee/May 10, 2005 Page 2 of 4