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<br />I <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />~ <br />~~HILLS <br /> <br />DRAFT <br />CITY OF ARDEN HIl,LS, MINNESOTA <br />COUNCIL WORK SESSION <br />MONDAY, JULY 19,2004,4:45 P.M. <br />CITY HALL COUNCIL CHAMBERS, 1245 WEST HIGHWAY 96 <br /> <br />1. <br /> <br />Call To Order <br /> <br />Mayor Aplikowski called the meeting to order at 4:55 p.m. <br /> <br />Present: Mayor Aplikowski, Councilmcmbers: David Grant, Brenda Holden, and Lois Rem. <br /> <br />Absent: Councilmember Gregg Larson <br /> <br />Staff present: Administrator, Michelle Wolfe; Finance Director, Murtuza Siddiqui; Operations <br />& Maintenance Director, Thomas J. Moore; and Community Development Director, Scott Clark. <br /> <br />Others present: Mark Ruff, Ehlers & Associates; Julie Wikelius, Mounds View High School <br />Principal; Undersheriff George Altendorfer, and Greg Brown, City EngineeriURS <br /> <br />2.A. Bond Refundinl! <br />Murtuza Siddiqui and Mark Ruff of Ehlers & Associates 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 annually and that no <br />other charges, except the debt service payments are made against this fund. <br /> <br />Mr. Ruff mentioned that refunding would save the City approximately $94,000, ineluding 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 datc 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 /> <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 /> <br />2.B. Purchasilll! Policv <br />Murtuza Siddiqui presented a "draft" Purchasing Policy to the Council for discussion and input. <br />Mr. Siddiqui mentioned that prior to drafling this policy, he had reviewed similar policies from a <br />dozen or so cities. He mentioned that the policies reviewed were varied, both in terms of content <br /> <br />\ \Earth \Admin\Council\Minutcs\ Worksession \2004\07 -19-04.doc <br />