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Regular City Council Meeting Monday, October 10, 2011 Page 7 • nancial tool for the City and the advantages of this option in lowing administra- tive efforts in the initial development of the program, and allowing for more flex- ibility relative to improvements compared to abatement bonds as another option; as well as a lower overall cost for issuing the bonds. Mr. Malinen advised that staff continued to work with bond counsel in developing the bond issue, and ad- vised that their recommendation was to amend the City's Redevelopment Plan and Industrial Development District No. 1 Plan as indicated to provide more spe- cificity and a tentative timeline for implementation. Councilmember McGehee provided her perspective on State Statute and how a Port Authority was set up as far as governance and actual authority; who would serve as the Board, whether the City Council, or a separate non-elected body; and differentiations between a Port Authority and an HRA. City Manager Malinen, in response to Councilmember McGehee, advised that the City's bond counsel may be more adept at responding to Councilmember McGe- hee's questions; and would be available to do so on October 24, 2011, the pro- posed Public Hearing date. At this time, Mr. Malinen noted, bond counsel could answer questions of the City Council and the public as part of their presentation. Councilmember McGehee opined that the information provided in tonight's agenda packet was insufficient to allow her to make a determination and to clearly understand what was being requested. City Manager Malinen reiterated that tonight's request was simply to schedule a Public Hearing to facilitate that more detailed public discussion. Mayor Roe concurred; and asked if there would be an additional Public Hearing opportunity by the Port Authority to hear comments related to issuing bonds, fol- lowing the October 24, 2011 Public Hearing at the City Council level, and before their issue. City Manager Malinen, with confirmation by Finance Director Chris Miller, re- sponded that there would not be an additional Hearing. City Manager Malinen confirmed that the proposed October 24, 2011 Public Hearing would deal with the $27 million in bonds proposed, even though they were actually three (3) separate bonds. To make it clear to the public on the purpose of the proposed bond issue, and in case bond counsel confirms that this will be the only Public Hearing before is- suing those bonds, Mayor Roe recommended language revisions to the draft reso- lution (Attachment A) as follows and the Public Notice itself as follows: Resolution: Lines 96-99, amend to read: