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Mr. Mattson explained the taxable bonds are used in situations where there will be a private <br />benefit. <br /> <br />City Administrator Norman stated that the bonds will be used for both the sale of the land and <br />public improvements. <br /> <br />Councihnember Anderson stated that she had read an article in the paper regarding TIF Districts <br />and the Governor's plan for funding schools which indicated that some cities that use TIF will <br />have some financial difficulties if his plan were put in place. <br /> <br />Mr. Mattson replied that there is always someone in the Legislature proposing to cut tax <br />increments every year. He stated that he did not believe anything of significance will happen. <br /> <br />Councilmember Anderson requested that Juran and Moody keep the City informed on the issue. <br /> <br />Mr. Mattson replied that they would watch the situation for the City. <br /> <br />Motion by Councilmember Connolly, seconded by Councilmember Hendriksen, to adopt <br />Resolution #00-12-339 awarding the sale of $1,680,000 General Obligation Taxable Tax <br />Increment Bonds, Series 200lA to United Bankers Bank at an interest rate of 6.57 percent. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Connolly, Hendriksen Anderson, <br />and Zimmerman. Voting No: None. <br /> <br />Motion by Councilmember Hendriksen, seconded by Councilmember Connolly, to authorize thc <br />adoption of Resolution #00-12-340 awarding the sale of $920,000 General Obligation Tax <br />Increment Bonds, Series 200lB to U.S. Bancorp at an interest rate of 4.79 percent. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Hendriksen, Connolly, Anderson, <br />and Zimmerman. Voting No: None. <br /> <br />Mayor Gamec suggested some training for the Council to explain Tax Increment Financing in <br />more detail. <br /> <br />Mr. Mattson replied that they would be willing to give any type of training that the City would <br />need. <br /> <br />Case #1: Discussion Regarding Credits Available for the Storm Drainage Utility <br /> <br />City Engineer Olson stated that on November 23, 1999, the City Council introduced an <br />ordinance crating a storm drainage utility. The utility was adopted on January 11, 2000. On <br />June 27, 2000, the City Council adopted a resolution establishing the storm drainage utility fees <br />by amending the 2000 schedule of rates, fees, and charges. On July 11, 2000, the City Council <br />adopted a resolution establishing the credits available for the storm drainage utility. On October <br /> <br />City Council/December 19, 2000 <br /> Page 5 of 19 <br /> <br /> <br />