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CITY COUNCIL <br />BUDGET WORK SESSION <br />CITY OF RAMSEY <br />ANOKA COUNTY <br /> STATE OF MINNESOTA <br /> <br />The Ramsey City Council conducted a work session on Monday, October 29, 2001, in the <br />Training Room at Fire Station No. 2, 15050 Armstrong Boulevard NW, Ramsey, Minnesota. <br /> <br />Members Present: <br /> <br />Mayor Thomas Gamec <br />Councilmember Susan E. Anderson <br />Councilmember Terry Hendriksen <br />Councilmember Patti Kurak <br />Councilmember Gerald Zimmerman <br /> <br />Also Present: <br /> <br />City Administrator James E. Norman <br /> <br />CALL TO ORDER <br /> <br />Mayor Gamec called the Council Budget Work Session to order at 5:45 p.m. and explained that <br />the reason for the meeting was to discuss the budget and the CIP. <br /> <br />COUNCIL BUSINESS <br /> <br />City Administrator Norrnan explained that the meeting would be divided into three pans. (There <br />is no agenda) They are 1) Bonds; 2) CIP; and 3) 2002 General Fund Budget. <br /> <br />1) Bonds <br /> <br />Finance Officer Lund introduced Paul Donna of Juran & Moody. <br /> <br />Mr. Donna disseminated information to the Council. He referred to the first handout, which <br />dealt with bonds and stated that we have to issue two series of bonds - a taxable and a non- <br />taxable. He explained the payment schedule and the interest paid. He is looking at awarding the <br />bond at the November 13 City Council meeting. We are recommending negotiating a sale <br />process to issue bonds - a big benefit is flexibility. Mr. Donna explained cash flow and payoffs. <br /> <br />Discussion ensued about revenue generated and using TIF funds for Sunwood Drive instead of <br />MSA funds. Sunwood Drive is an eligible expense - look to see if that's possible. Spending <br />MSA money versus spending TIF dollars imposes greater limitations on the City. Can the City <br />Council look at the cash flow aspect of TIF District #10 to sort some things out. Money is being <br />sent back and forth and Council would like to see what's being borrowed and what tax increment <br />is coming back. Mr. Donna had said this info could be generated. Mr. Donna again asked about <br />the date of November 13 and a traditional public sale or negotiated public sale. He reiterated the <br />flexibility with the negotiated sale and he feels it is the best way to go. Council agreed. <br /> <br />City Council Budget Work Session/October 29, 2001 <br /> Page 1 of 4 <br /> <br /> <br />