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<br /> ~ <br /> . ~~HILLS <br /> Approved: August 9, 2004 <br /> CITY OF ARDEN HILLS, MINNESOTA <br /> COUNCIL WORK SESSION <br /> MONDAY, JULY 19, 2004, 4:45 P.M. <br /> CITY HALL COUNCIL CHAMBERS, 1245 WEST HIGHWAY 96 <br /> 1. Call To Order <br /> Mayor Aplikowski called the meeting to order at 4:55 p.m. <br /> Present: Mayor Aplikowski, Councilmembers: David Grant, Brenda Holden, and Lois Rem. <br /> Absent: Councilmember Gregg Larson (excused) <br /> Staff present: Administrator, Michelle Wolfe; Finance Director, Murtuza Siddiqui; Operations <br /> & Maintenance Director, Thomas J. Moore; and Community Development Director, Scott Clark. <br /> Others present: Mark Ruff, Ehlers & Associates; Julie Wikelius, MOW1ds View High School <br /> Principal; Undersheriff George Altendorfer, and Greg Brown, City Engineer/URS <br /> . 2.A. Bond Refundinl!: <br /> Murtuza Siddiqui and Mark Ruff of Ehlers & Assoeiates made a follow-up presentation to the <br /> Council with regards to bond refunding. Mr. Ruff provided two analyses/scenarios. The first <br /> scenario showed a cash flow analysis with refunding and the second scenario without refunding. <br /> Mr. Ruff mentioned that with either scenario, the City may be able to pay-off the bonds in <br /> August 2012, provided that the TIF district continues to receive $380,000 alillually and that no <br /> other charges, except the debt serviee payments are made against this fund. <br /> Mr. Ruff mentioned that refunding would save the City approximately $94,000, including the <br /> issuance costs. He also mentioned that in general, the rates have gone up over the past few <br /> months, but had also seen a recent decline. He recommended selling the bonds in the third week <br /> of September with a close date of November. If the rates increase sharply in September and the <br /> cost saving does not meet the 3% rule, then the sale would have to be deferred until rates drop. <br /> He also mentioned that the sale in September would be considered current refunding as opposed <br /> to advance refunding. Current refunding as opposed to advance refunding saves about $5,000. <br /> The Council was in general agreement to proceed forward with the refunding process in <br /> September and had directed staff to do so. <br /> 2.B. Purchasinl!: Policv <br /> . Murtuza Siddiqui presented a "draft" Purchasing Policy to the Council for discussion and input. <br /> Mr. Siddiqui mentioned that prior to drafting this poliey, he had reviewed similar policies from a <br /> dozen or so eities. He mentioned that the policies reviewed were varied, both in terms of content <br /> \ \Earth \Admin \Council\Minutes\ W orksession \2004\07 -19-04.doc <br />