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August 28, 2012 Page 3 of 6 Council Business 1. Consideration of Resolution Providing for the Prepayment and Redemption of Certain Outstanding Golf Course Gross Revenue Bonds, Series 1999C. Report No. 12-208. Resolution No.12-068. Director of Finance Maiers explained staff is requesting the Council consider approving a resolution providing for the prepayment and redemption of outstanding bonds on the golf course. He indicated back in 1999, the City bonded $645,000 to constnrct, famish and equip a new clubhouse at the Brightwood Hills Golf Course. The bonds are special obligations of the City payable solely from gross revenues derived from the operation of the golf course. There was currently $340,000 in outstanding bonds at a rate of 6.0%, with the next scheduled principal payment due on November 1, 2012 in the amount of $35,000. The City's portfolio was yielding only .77%. For this reason, staff recommended the bonds be called. A full redemption will require the use of $305,750 from the Closed Bond Fund on November 1, 2012. This will be a savings to the City $80,000 over the next seven years. Councilmember Bauman questioned the balance in the Closed Bond Fund Director of Finance Maiers explained the account had $3.5 million at this time. Councilmember Bauman supported staffis recommendation as it provided cost savings to the City. She asked if there were any other debt savings opportunities in the near future. Director of Finance Maiers stated he was unaware of any outstanding matters. Mayor Jacobsen questioned if the City's financial rating would be altered if cash on hand was reduced Director of Finance Maiers did not feel there would be an impact as the City would be using $300,000 from cash on hand to reduce the City's debt. Councilmember Jacobsen asked for the revenue source for the Closed Bond Fund Director of Finance Maiers commented at this time the only revenue source was the investment earnings. Councilmember Burg thanked staff for bringing this item to the Council for consideration and approval. She commented the reduced debt service would assist the golf course in becoming self -sustained. Motion by Councilmember Burg, seconded by Councilmember Jacobsen to adopt a Resolution Providing for the Prepayment and Redemption of Certain Outstanding Golf Course Gross Revenue Bonds, Series 1999C. 5 Ayes, 0 Nays -Motion Carried 2. Consideration of Amendment to the 2030 New Brighton Comprehensive Plan, including adoption of an updated and revised Surface Water Management Plan. Report No. 12-209. Resolution No. 12-067. City Manager Lotter reported the Council was being asked to consider several amendments to the 2030 Comprehensive Plan. City Planner Gundlach explained the staff initiated amendments to the 2030 Comprehensive Plan that were necessary to allow the City to remain consistent with the Metropolitan Council's renewed 2030 Regional Transportation and Parks Policy Plans. In addition, the revisions would correct minor transportation inaccuracies in the plan, while clarifying trail crossing needs across four major bridges. The revisions would also ensure the recently updated and revised Stoma Water Management Plan is made a part of the 2030 Comprehensive Plan through Appendix B. Staff reviewed the revisions in further detail and noted the Planning Commission recommended approval with two conditions. Councilmember Bauman asked if the City would be forced into using pay -lanes or toll roads in the fiahrre given adjustments made by the Metropolitan Council. City Planner Gundlach stated this was not the case, as the City had not accepted this as a means of managing traffic. However, the systems statements from the Metropolitan Council does note that pay lanes may be added in the future to assist with the expense of Council Business 1. Consideration of Resolution Providing for the Prepayment and Redemption of Certain Outstanding Golf Course Gross Revenue Bonds, Series 1999C. Report No. 12-208. Resolution No. 12-068 2. Consida on of Amendment to the 2030 New Brighton Comprehensive Plan, including adoption of an updated and revised Surface water Management Plan. Report No. 12-209. Resolution No. 12-067