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<br />Regular City Council Minutes - 2/1 0/03 <br />Page 13 <br /> <br />ofLegg Mason Wood Walker, Incorporated. <br /> <br />Mr. Thistle, a Vice President at Springstead reviewed the <br />City's AA Credit Rating; the bidding process and <br />techniques used; and the favorable comments received <br />from both Standard & Poors and Moody's. <br /> <br />Discussion included the initial and averaged interest rates; <br />ten year call; arbitrage; draw schedule; and restricted yield <br />procedures on the investment and escrow account. <br /> <br />Mr. Thistle stated that the favorable comments received <br />were attributable to the continually improving debt profile <br />of the City, specifically their debt reduction measures in <br />2001 in above-average principal payoffs on existing debt; <br />sound budget and fiscal management and stability of the <br />City overall. <br />Roll Call <br />Ayes: Kough, Klausing, Maschka, Schroeder and <br />Kysylyczyn. <br />Nays: None. <br /> <br />VII. Land Use <br /> <br />VIII. Reports and Recommendations <br /> <br />A. Larpenteur Pathway <br />Finance Director Chris Miller provided background <br />information prepared by staff regarding this portion of the <br />City's Pathway Plan identified as a priority for a <br />connecting trail from Oxford to the Trailhead of Reservoir <br />Woods, just east of Kent Street on Larpenteur Avenue. <br />Mr. Miller also presented three (3) potential, one-time <br />funding sources identified in recent meetings between staff <br />and Councilmember Klausing as previously directed by <br />the City Council. <br /> <br />Potential Fundin2 Source Amount Available <br />Operational Savings - 2003 Budget $40,000 <br />Infrastructure Replacement Fund 40,000 <br /> <br />Land Use <br /> <br />Reports and <br />Recommendations <br /> <br />Larpenteur <br />Pathway <br />