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. . . Minutes of Regular Council Meeting, November 12, 1985 Page seven Advance Refunding Bonds Steve Mattson, Juran and Moody, presented a proposal for Advance Refunding of 1985 Bonds, which would result.in an estimated gross savings of about $618,000.00; present value savings of about $375,000.00. The Transaction Summary was reviewed by Mattson for Council. Mattson noted that interest rates have been driven down and feels strongly that the City can, by advance refunding, experience a $618,000 savings; noted this advance refunding may not be permitted after the first of the year; in order to sell, have to set a sale for the first week in December. Mattson said the City can lower its interest from 8% to 7%; explained that expected income from assessments will cover the $367,515.00 cash neaded from the City to enter into the transaction. Mattson explained that we don't have to take $367,000; could take $200,000, which would cut down the savings. The proposed new . issue is $2,200,000. Principal outstanding on the existing issue is $2,515,000. After discussion, Sather moved, seconded by Peck, to adopt Resolution No. 85-61, PROVIDING FOR PUBLIC SALE OF $2,200,000 GENERAL OBLIGATION ADVANCE REFUNDING BONDS OF 1985. Motion carried unanimously. (4-0) The sale was scheduled for December 3, 1985; bid opening at 11:00 a.m. at Juran and Moody with award of bid at a Special Council meeting on December 3, 1985, at 5:30 p.m. Council deferred further discussion and action relative to the Bond Refunding Proposal to the November 25 Council meeting, at which time Mattson will present more data, Treasurer Lamb to meet with Mattson in the interim. It was noted that if the bond sale is not consummated, no fees will be charged to City. Approval of License/Permit Fees Effective 1/1/86 (Resolution No. 85-60) Council was referred to proposed License/Permit Fees (effective 1/1/86) and to McNiesh's memo reporting comments received from the business community relative to the proposed fees. In discussion, Hansen reported receipt of several comments that the proposed increase from $30 to $50 for retail sales is too great. It was queried why a license is required for a veterinarian and not for dentists, medical doctors, chiropractors, etc. Also questioned was a license fee for private gas pumps (were not licensed previously). Woodburn moved, seconded by Sather, to adopt Resolution No. 85-60, Adopting the Fee Schedule as Proposed by Council at its previous meeting, deleting the licensing of private gas pumps and veterinary clinics. After discussion, the motion fa~led. (0-4) Sather moved, seconded by Peck, that Council action be deferred to the November 25, 1985 meeting. Motion carried unanimously. (4-0) REPORT OF PUBLIC WORKS SUPERVISOR ROBERT RADDATZ Boulevard Tree TrimminR Council was referred to Raddatz' memo of 11/8/85. . Raddatz reported that the Public Works Department is trimming boulevard trees that are obstructing and/or hindering plowing and sanding of streets; noted that very few residents heeded the City's request last year to trim their trees. Raddatz reported that the cost of trimming is not known to date -- they are still trimming; noted that boulevardplantings are the responsibility of the property owners; reported the Public Works Committee was split on whether the City's costs should be passed 011 to the property owners. It was the consensus of Council to not charge this year. It was agreed that if the cost is to be assessed in future years, homeowners must be notified. of the problem and given adequate time to correct it, advising that if the work is not done, it will be done by the City and the cost assessed.