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Councilmember Connolly requested a map showing the different TIF Districts and the year the <br />district will be decertified. <br /> <br />Councilmember Hendriksen questioned the period the current study by Springsted covered. <br /> <br />City Administrator Norman replied 2000-2005. <br /> <br />Councilmember Hendriksen inquired if they feed that beyond 2005 the revenue picture will be a <br />lot different. <br /> <br />City Administrator Norman replied that with TIF District #6 coming into the levy side it will add a <br />large piece of revenue. <br /> <br />The Council discussed the development process of a TIF District. <br /> <br />Councilmember Hendriksen stated that he was anticipating the report from Springsted to be more <br />in the form of a memo and not as expensive. He questioned the legal exposure in the TIF district. <br /> <br />City Administrator Norman explained the legal exposure. <br /> <br />Councilmember Hendriksen inquired if the study by Springsted would improve the legal liability in <br />the TIF Districts. <br /> <br />City Administrator Norman replied that the study would not focus on TIF Districts. <br /> <br />Councilmember Connolly questioned how many different scenarios the study would included. <br /> <br />City Administrator Norman replied that he would discuss the study further with Springsted and <br />bring the item back to Council. <br /> <br />Case #2: <br /> <br />Authorization to Retain Springsted Incorporated for Continuing Disclosure <br />Requirements <br /> <br />Finance Officer Lund stated that the Securities and Exchange Commission (SEC) has created <br />regulations for continuing disclosure of pertinent information relating to the issuance of municipal <br />debt. The requirements of this disclosure state that a Municipality must agree in writing to <br />comply with providing ongoing disclosure regarding the issue and issuer of the debt for the life of <br />the debt issue. Without authorizing in writing to comply with these disclosure requirements, the <br />City may not market debt. Continuing Disclosure requires the City to file with four nationally <br />recognized Municipal Securities Information Repositories copies of its financial statement, Annual <br />Report, information on City property values, indebtedness, tax rates, levies, collections, and any <br />material events that may have happened in the City within the year being reported. The City has <br />three new bond issues in 1999 which require continuing disclosure. They are the $3,000,000 <br />Housing Development Revenue Bonds (City of Ramsey Unlimited Tax Obligation - relating to the <br /> <br />Finance Committee/November 23, 1999 <br /> Page 2 of 5 <br /> <br /> <br />