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DRAFT Regular City Council Meeting Monday,October 10,2011 Page 9 1 her understanding that the City Council would still be the decision-makers of how 2 and when bond funds were used. 3 4 Councilmember Johnson noted that the abatement bond schedule was a very strict 5 process; however, this process provided a more fluid way to make spending deci- 6 sions related to park improvement implementation. 7 8 At the request of Councilmember Pust regarding the City Council making those 9 decisions, Councilmember Johnson noted that the City Council had already ap- 10 proved the Park and Recreation Master Plan, and that it was driving those changes 11 that had already been approved. 12 13 I Councilmember Pust sough sought assurance that everyone was in agreement that 14 the City Council would still be voting on future expenditure of those funds. 15 16 City Manager Malinen advised that the City Council had provided staff with the 17 direction to issue bonds for park improvements and a new fire station; and that 18 staff was following that direction in arranging for financing of those improve- 19 ments and projects as called for. Related to the Fire Station, Mr. Malinen noted 20 that, while the City Council had concurred with the study(ies) conducted to-date 21 and authorized moving forward, there would be multiple steps in proceeding, in- 22 eluding, for example, architects would return for City Council approval of plans, 23 and public bidding processes would need to be followed as well. Related to park 24 improvements, Mr. Malinen advised that the City Council had provided directed 25 on the Park Improvement Plan (PIP) and blanket approval to move forward with 26 Implementation Step One, and any expenditures over $5,000 would return to the 27 City Council for approval. Mr. Malinen noted that the bond issue itself and the 28 implementation process as well would return for City Council approval before- 29 hand. 30 31 Roe moved, Pust seconded, a friendly amendment as previously outlined by 32 Mayor Roe, or comparable language, subject to approval by bond counsel. 33 34 As makers of the motion, Councilmembers Johnson and Willmus accepted the 35 friendly amendment; with Mayor Roe thus withdrawing his motion. 36 37 Councilmember McGehee questioned Finance Director Miller on bond counsel 38 fees for different types of bond issues; with Mr. Miller responding that the type of 39 bond was not the question,but the complexity of the bond issue. 40 41 Councilmember McGehee questioned why staff was recommending using the 42 City's Port Authority and why those interest rates were lower. 43 44 Finance Director Miller advised that, specific to the type of bond financing and 45 why it saved taxpayer dollars, it was due to the level of interest of institutional in-