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February 27,201 Page 4 of 5 <br />Updated Conduit Debt <br />Motion by Councilmember Jacobsen, seconded by Councilmember Dunsworth to approve and adopt Policy. <br />the City's updated Conduit Debt Policy. <br />City Manager Lotter indicated Finance Director Davitt would be presenting this item to the Council. <br />Finance Director Davitt provided the Council with an overview on the City's updated conduit debt <br />policy. She noted this policy was previously approved in 1985 and was in need of updates. She <br />described the different names used for conduit debt and explained this type of financing was used to <br />assist with economic development and increased tax capacity. She noted there was no liability to the <br />City for conduit debt but provides the City with a revenue stream to offset management costs. She <br />reviewed the benefits of the new policy stating the City would have more authority, financial fees were <br />more appropriate and the City would have the ability to issue from other governments. She stated the <br />last time the City issued conduit debt was in 2002. <br />Councilmember Jacobsen questioned why staff reviewed and updated this policy. Finance Director <br />Davitt explained a request came before the City for conduit debt, which led staff to update the outdated <br />policy. <br />Councilmember Jacobsen asked if there were any downsides to the new policy. Finance Director Davitt <br />stated she was not aware of any downsides to the new policy. <br />Mayor Johnson inquired if there was a debt limit for the City. Finance Director Davitt reported the City <br />had a $10 million limit for conduit debt. <br />Councilmember Allen questioned if this was a one-time limit, or if this was year to year. Finance <br />Director Davitt stated this was a year to year limit. <br />4 Ayes, 0 Nays -Motion Carried <br />Commission Liaison Reports, Announcements and Updates <br />Dean Lotter <br />City Manager Lotter reported he received a letter from ISO and was proud to report the City <br />received an ISO rating of 3. He commended the Public Safety Department on this achievement. <br />He encouraged the Council to read through the NYFS report that would be coming out in the <br />weekly update. <br />Graeme Allen <br />Councilmember Allen reported the EDC would meet next on Monday, March 7th. He thanked <br />all of the members of the community that attended the neighborhood meeting on Thursday, <br />February 22nd at Hanson Park. He noted the next neighborhood meeting would be held on <br />Thursday, March 22nd at Freedom Park. <br />Emily Dunsworth <br />Councilmember Dunsworth reported she attended Cable Commission training with CTV and <br />toured their facility. She noted the Planning Commission met on February 201h and explained <br />she was very impressed with their thoughts, questions, and depth of knowledge. <br />Paul Jacobsen <br />Councilmember Jacobsen reported the Public Safety Commission will meet next on Monday, <br />March 12th at 6:30 p.m. He explained NYFS would be hosting a Leaders Luncheon on <br />Wednesday, May 2nd. He stated CPY would be holding their Leaders Luncheon on Tuesday, <br />March 6th from 12:00 p.m. to 1:00 p.m. at the Community Center. He noted this was a free <br />event open to the public. He thanked all of the individuals who have shown interest in serving <br />on a City Commission or Committee. He encouraged residents to keep their fire hydrants free <br />and clear of snow during the winter months. He explained on Tuesday, March 7th from 2:00 <br />p.m. to 5:00 p.m. the New Brighton Public Safety Department would be participating in the <br />Commission Liaison <br />Reports, <br />Announcements and <br />Updates <br />