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<br />Regular City Council Minutes 12/16/02 <br />Page 4 <br /> <br />communication system. <br /> <br />Finance Director Chris Miller summarized the ongoing <br />problems with the City's current outdated communication <br />system; and staffs evaluation of options for replacement <br />of the system. Mr. Miller further discussed staff <br />discussions with other agencies (i.e., City of New Brighton <br />and C- TV) for a possible shared system with other <br />jurisdictions. Mr. Miller stated that evaluation of the <br />options available needed a consultant to complement the <br />preliminary evaluation by staff. <br /> <br />Roll Call <br />Ayes: Klausing, Kough, Schroeder, Maschka and <br />Kysylyczyn. <br />Nays: None. <br /> <br />C. Discussion on Timeline for Bond Sale, Structure of <br />Bonds, and Approval to Outsource Bond Sale <br />Activities <br />Finance Director Chris Miller provided several options for <br />structuring of the bond sale, including projected interest <br />rate; existing debt load; annual debt levy requirement; <br />annual household impact to taxpayers; total household <br />impact; and compared interest for a 10 year versus a 15 <br />year bond issue as each related to taxpayer and city <br />impacts. <br /> <br />Further considerations presented by Mr. Miller included <br />provisions for an early call date; the City's bond rating; the <br />aggressive debt reduction undertaken by the City over the <br />last few years; and future debt load (i.e., community <br />center). <br /> <br />Mr. Miller said staff was seeking consensus and direction <br />to allow staff to return to the City Council in January with <br />a resolution authorizing the issue in early January with a <br />mid-February or early March 2003 anticipated sale. <br /> <br />In response to Councilmember questions, Mr. Miller <br />further summarized issuance costs; and recommended <br /> <br />Bond Sale <br />Timeline, <br />Structure and <br />Bond Sale <br />Activities <br />