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<br />Mayor Gamec asked if this has been reviewed by the Metropolitan Council. <br /> <br />Community Development Director Trudgeon replied this does not require Metropolitan Council <br />review, as it is consistent with the City's original land use plan. <br /> <br />Motion by Councilmember Elvig, seconded by Councilmember Jeffrey, to adopt Ordinance #07- <br />05 to amend Section 9.20.11 (R-l Residential District) of Chapter 9 of City Code to remove <br />cluster development standards and institute 2.5-acre lot standards. <br /> <br />A roll call vote was performed by the Recording Secretary: <br /> <br />Mayor Gamec: aye <br />Councilmember Dehen: aye <br />Councilmember Elvig: aye <br />Councilmember Jeffrey: aye <br />Councilmember Look: aye <br />Councilmember Olson: aye <br />Councilmember Strommen: aye <br /> <br />Motion carried. <br /> <br />Case #7: Report from Finance Committee <br /> <br />1) Authorization of the Issuance and Awarding the Sale of $790,000 General <br />Obligation Equipment Certificates of Indebtedness, Series 2007 A <br /> <br />Finance Officer Lund announced Moody's has upgraded Ramsey's bond rating to Aa3 from AI. <br />Moody's looks at the City's fund balance on hand, the general financial condition ofthe City and <br />the growth occurring when completing this type of analysis. <br /> <br />Ms. Lund stated on December 21, 2006, City Council authorized as part of the 2007 levy and <br />budget, that capital equipment would be funded partially through the issuance of capital <br />equipment certificates. The amount of the certificates to be issued is $790,000. At the January <br />23, 2007 City Council meeting, Council adopted a resolution authorizing the sale of $790,000 <br />General Obligation Equipment Certificates. The terms and conditions of the Capital Equipment <br />Certificates of Indebtedness are included in the Council's packet. A resolution needs to be <br />adopted by Council confirming the sale. The rate on the certificates came in at 3.75%. Staff <br />recommends that Council adopt the resolution authorizing the issuance and awarding the sale of <br />$790,000 General Obligation Equipment Certificates of2007. <br /> <br />2) Authorization of the Issuance and Awarding the Sale of $955,000 General <br />Obligation Tax Increment Refunding Bonds, Series 2007B <br /> <br />Finance Officer Lund reviewed that in 2001 the City issued $920,000 General Obligation Tax <br />Increment Bonds for the construction of 141st/143rd Avenue. Ms. Lund advised the refinance of <br />the original $920,000 with a Tax Increment Refunding Bond in the amount of $955,000 will save <br /> <br />City Council I February 13, 2007 <br />Page 16 of 25 <br />