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February23, 2010 Page 3 of 5 City Manager Lotter introduced Finance Director Dan Maiers and Mark Ruff representing zoom. Ehlers & Associates. Mr. Maiers explained the refinancing is being undertaken to save tiepatlob. loon. ResolWim Na 10-015. interest costs by taking advantage of the current lower interest rates and by utilizing the debt of $988,343 to reduce the amount of principal. Currently, there is $5,725,000 of 'reserve principal outstanding on the 2002A Bonds. The actual financial impact will be determined based on the winninglawarded bid on the refinancing/CIP bonds. However, the preliminary estimate of savings as a result of refinancing the PSC Bonds is about $370,000 over the remairring life of the bonds. It is intended that the same source of payment originally pledged to the 2002A Bonds, an annual property tax levy, will be pledged to the 2010A Bonds. Each year since 2002 when the bonds were issued, the City has reduced the required debt service tax levy by using reserves from the Community Reinvestment Fund. It is expected that this same approach will continue. Mark Ruff gave an overview on the ten bids received. The winning bid was with Stifel, Nicolaus & Co., Inc. offering a true interest rate of 1.634%. The bond issue was reduced from a $4.86 million to a $4.76 million bond issue, resulting in well over $100,000 annual reduction in debt service. Motion by Councilmember Phillips, seconded by Councilmember Burg to waive the reading and adopt the resolution awarding the sale of capital improvement plan bonds, series 2010x, in the initial principal amount of 4,760,000 to the syndicate including Stifel, Nicolaus & Co., Inc. 5 Ayes, 0 Nays -Motion Carried ' City Manager Lotter suggested discussing the three items moved from the consent agenda for discussion. Councilmember Burg requested City Manage Lotter explain the items. City Manager Lotter reported the City currently has three different locations where employees can find pertinent information; an administrative code, a personnel code and Chapter 21 of the Municipal Code. It was determined that it was practical to have all this information in one fluid document. The Employee Handbook has been shared with all interested parties for review. Councilmember Phillips suggested all references to quantity of staff be omitted from the organizational charts in order to avoid any budgetary confusion. City Manager Lotter stated the organizational charts could be removed from the handbook if council chooses. Councilmember Samuelson commended Assistant to the City Manager Johnson and all Department Directors for the completion of the Handbook. Councilmember Burg also complemented staff, and predicted staff will use frequently. Councilmember Burg questioned the review process. City Manager Lotter responded it will be reviewed in house annually. Councilmember Bauman questioned if there were any significant changes from the three original policies. City Manager Lotter explained it was primarily updating, and clarifying certain items. Mayor Jacobsen requested any changes to 2 Consideration of the Handbook be done in strike -through format. It was determined to omit the Organizational Ordinance No. 788 Charts from the Employee Handbook. Repeating chapter 21 of the New Brighton ' City Code. Report No. 10-046. 2. Consideration of Ordinance No. 788 Repealing Chapter 21 of the New Brighton Ordinance No. 788. City Code. Report No. 10-046. Ordinance No. 788. Moved from Consent Agenda. Moved from Consent Agenda.