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<br />Minutes of Regular Council Meeting, February 25, 1985
<br />Page two
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<br />The first cash flow sheet (for $2,515,000), allowing longer pay-off time,
<br />calls for tax levy beginning in 1993; the second cash flow sheet presented by
<br />Mattson (for $2,165,000 bond) would not require any tax levy, the alternate
<br />cash flow sheet for $2,515,000 bond (calling for earlier pay-off) does call
<br />for tax levy. It is Mattson's opinion that these levies will probably not
<br />be needed, but must be included because of Bond Counsel's ruling of 105X
<br />coverage of debt service.
<br />
<br />Bond Counsel had also advised McNiesh that projects internally financed before
<br />1978 cannot be included in the bond issue, are just too old, will have to
<br />continue to be financed internally. McNiesh also pointed out that the only
<br />thing that can be legally financed in the projects dating from 1978 to 1983
<br />are the deferred special assessments receivable; cannot include payment of .
<br />interest after construction is completed, can only include costs of construc- .
<br />tion and interest paid during construction.
<br />
<br />Mattson asked City policy on financing of public improvements; Woodburn
<br />responded that improvements are assessed at 100X rate to benefitted property
<br />owners.
<br />
<br />Woodburn asked how much of the $2,515,000 was overhead; about $67,000, includ-
<br />ing legal fees, bond printing, bond registration, fiscal fee, ratings fee,
<br />and discount factor.
<br />
<br />Mr. Mattson stated that interest rates have risen about .33% since he last
<br />spoke with this Council; reiterated urgency in getting these bonds on the mar-
<br />ket as quickly as possible.
<br />
<br />Mattson suggested that the bond sale be held at the Council meeting of
<br />March 25, 1985, at 7:30 p.m. He stated that within ten minutes of the opening,
<br />he would be able to make his recommendations to Council as to acceptance or
<br />rejection of any bids. Asked to recommend best possible time for opening of
<br />bids, he stated that 3:00 pm. in the afternoon, with the Clerk Administrator
<br />and/or the Treasurer in attendance, probably would be best time. Council
<br />can then formally accept or reject bids at 7:30 p.m. at regular Council
<br />meeting.
<br />
<br />.
<br />
<br />Motion was made by Hicks, seconded by Peck, that Council adopt RESOLUTION
<br />85-13, PROVIDING FOR PUBLIC SALE OF IMPROVEMENT BONDS IN AMOUNT OF $2,515,000,
<br />bids to be opened at 3:00 p.m. Monday, March 25, award to be considered at
<br />7:30 p.m. March 25, and Option A to be the repayment plan. Motion carried
<br />unanimously. (5 - 0)
<br />
<br />Mattson will supply this information to Briggs and Morgan, Tuesday,
<br />February 26, and they will draft the Resolution calling for bond sale. Vil-
<br />lage should have this within four to five days.
<br />
<br />Lamb asked when monies would be available to Arden Hills; Mattson replied
<br />probably by the middle to third week in April. A draft of the Prospectus
<br />should be ready within two weeks and will be brought to the City for review
<br />before going to press.
<br />
<br />Parks and Recreation Committee Recommendations
<br />Parks Director Buckley presented to the Council his committee's recommendations
<br />for the 1985 Park Improvement Program. and Ten Year Park Development Plan. .
<br />He pointed out changes in recommendations from June, 1984...one major change is
<br />in development of Arden Oaks Park. In Committee's original plans for develop- .
<br />ment of this 1.3 acre park, grading and seeding were scheduled for 1985, with
<br />further development in 1986. Favorable weather conditions had made it possi-
<br />ble for this to be completed in 1984; Buckley had held a neighborhood meeting,
<br />they are anxious for earlier construction, and concurred with Park's Committee
<br />suggestions for development. Budget calls for play equipment installation and
<br />preparation of a grass all-purpose field, and installation of a backstop.
<br />Also added to 1985 estimate is color-coating of hard surface area at Sampson
<br />Park and landscaping at Freeway (both delayed from 1984). Last addition is
<br />planner's fee for planning immediate and long range landscaping plans in several
<br />of the parks.
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