2004_0315_Packet - Laserfiche WebLink

Home

Regular City Council Meeting — 03/08/04 DRAFT Minutes - Page 10 Maschka moved, Ihlan seconded, adopt of Resolution No. 10208 entitled, "Resolution Providing for the Issuance and Sa1e of $1,760,000 General Obligation Improvement Refunding Bonds, Series 2004A and Pledging for the Security Thereof Special Assessments and Ad Valorem Taxes." Mayor Klausing acknowledged the good, solid work of previous Councilmembers and staff in maintaining the City's financial ranking; and thanked Chris Miller for his work on this bond issue. Discussion included the term of the bond; and the amount of the bond issue. Ms. Heton noted that, because of the premium bid and issuance costs being reduced, the size of the bond issue had been reduced from $1,760,000 to $1,725,000, decreasing the March 1, 2004 maturity by $15,000 and the March 1, 2010 maturity by $20,000. Roll Call Ayes: Ihlan, Kough, Maschka, Schroeder and Klausing. Nays: None. 6. Consider Ice Arena Roof Replacement Issues, Including the Creation of Bid Specifications and the Acceptance of a Class Action Settlement Parks and Recreation Director Lonnie Brokke reviewed the background of the class action lawsuit and settlement offer, along with staff and City Attorney recommendations related to the ice arena roof materials. Mr. Brokke noted that the City Attorney' s office had determined that the settlement offer did not meet Minnesota bid laws and subsequently they recommended advertising for bids through the public bidding process. Mr. Brokke noted that through remediation, the net settlement to the City was anticipated at $109,000; with another anticipated $194,000 out-of-pocket expense for the City, not inclusive of consultant fees. Mr. Brokke noted that it was a complicated settlement process; and would require detailed reporting and Consider Ice Arena Roof Replacement Issues, Including the Creation of Bid Specifications and the Acceptance of a Class Action Settlement