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Senior Housing Project), $1,195,000 General Obligation Tax Increment Bonds relating to the Senior Housing Project, and the $1,665,000 Public Facility Lease Revenue Bonds pertaining to Fire Station #2. With the City having three new bond issues to report on, and with the new regulations being enforced by the Securities Exchange Commission, Staff recommended that for the year ending December 31, 1999, to enter into a contract with Springsted Incorporated. Springsted would disclose the City's financial information to the appropriate parties for the year 1999. The contracted amount would be a one time $250.00 fee to enter into the contract and a fee of $200.00 per each bond issue. This would total $850.00, which would be paid out of the Finance Department' s 1999 budget. Motion by Councilmember Connolly, seconded by Councilmember Hendriksen, to recommend City Council authorize Staff to enter into contract with Springsted Incorporated to provide continuing disclosure for the year ending December 31, 1999, in the contract amount of $850.00. Motion carried. Voting Yes: Mayor Gamec Councilmembers Connolly, Hendriksen, Anderson, and Zimmerman. Voting No: None. Case #3: Establishment of Capitalization Threshold for Fixed Assets Finance Officer Lund stated that on July 13, 1999, the Finance Committee authorized Staff to draft a policy regarding a Capitalization Threshold for Fixed Assets. She explained the currently, the City of Ramsey does not have a capitalization threshold policy in place. It has been previous practice to depreciate any and all fixed assets no mater how small their monetary value. Practice has demonstrated that this attempt to incorporate data on "all" fixed assets is often very time consuming and thus can be costly and difficult to maintain. Not all fixed assets are required to be reported on a government's balance sheet. Specifically, fixed assets with extremely short useful lives and fixed assets of small monetary value are reported as an "expenditure" or "expense" in the period in which they are acquired. Those fixed assets that are reported on the balance sheet are said to be "capitalized." The monetary criteria used to determine whether a given fixed asset should be reported on the balance sheet is know as the "capitalization threshold." Motion by Councilmember Zimmerman, seconded by Councilmember Connolly, to recommend City Council approve the Capitalization Threshold for Fixed Assets Policy and adopt Resolution #99-10- adopting the threshold policy. Further discussion: Councilmember Anderson stated that she would be more comfortable with a smaller dollar amount. Finance Officer Lund replied that the Government Finance Officers Association recommends a $1,000. Motion carried. Voting Yes: Mayor Gamec Councilmembers Zimmerman, Connolly, Anderson, and Hendriksen. Voting No: None. Case #4: Decide Whether or Not to Waive Statutory Liability Limits for Insurance Application Finance Committee/November 23, 1999 Page 3 of 5