CC_Minutes_2004_0927 - Laserfiche WebLink

Home

City Council Regular Meeting - 09/27/04 Minutes - Page 9 Councilmember Ihlan continued to question the advantages for the City of Roseville' s participation. Finance Director Miller reiterated his comments regarding the presence of Presbyterian Homes in the community and in surrounding communities; as well as the services provided to Roseville residents, and the City's continuing attempts to facilitate businesses in the community through participations such as this bond issue. Councilmember Kough noted the recent bond issue provided by Northwestern College similar to this request. City Manager Beets noted that Presbyterian Hon1es, should their project receive approval at Hamline Shopping Center, would probably seek similar conduit financing from other communities to build that project. Mayor Klausing sought clarification that the City's service as a conduit for this bond issue did not count against the City's financial standing or ability to levy. Finance Director Miller concurred with Mayor Klausing's interpretation that the City's financial standing or levying ability was not affected or impacted. Mr. Miller clarified that this issue only applied to the 2004 fiscal year bonding authority; and that the City was not considering any bonding prior to the end of 2004, nor was there time available to put such an issue together at this late date. Councilmember Maschka noted, and Finance Director Miller confirmed, that the City made money on the bond issue by serving as a conduit. Councilmember Ihlan sought further clarification, provided by Finance Director Miller, regarding bond counsel involvement; and administrative fees paid to the City. Mayor Klausing requested that staff return at a later meeting for further discussion of the City's current policies,