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1 I 1 Council Meeting Minutes April 14, 1987 Page 8 Motion by Gunderman, seconded by Williams, to AUTHORIZE THE CITY MANAGER AND THE POLICE CHIEF TO SIGN AN ACCREDITATION AGREEMENT WITH THE COMMISSION ON ACCREDITATION FOR LAW ENFORCEMENT AGENCIES AND TO PAY THE APPROPRIATE FEES. Brandt asked if the city has adequate staff to do what needs to be done; Kelley responded affirmatively. Schmidt stated the down side is that if one does not meet the cri- teria there will be a let-down; but the department would not be going through the process if there were no positive benefits. A concern of Schmidt's was a need for additional funds beyond the normal budget for personnel. Kelley estimated the work could be done in the confines of normal staff time; however, upon approval and execution of the document, the Commission will send a self- assessment package; and after reviewing that package he will be able to more fully answer Schmidt's question. Benke asked if, after the self-assessment work has been completed, we could withdraw if the future costs appear to be too great; Kelley stated we could. 5 Ayes - 0 Nayes, Motion Carried With regard to the staff report concerning the sale of refunding bonds, Egan stated the concept being recommended is possible be- cause the current interest rates are lower than the rates we have on the city's bonds; we are looking at refunding structures, two of which we will be using (current and cross-over). The savings to the city is the lowering of the interest bonds (over $240,000 on a gross savings basis). Sale of Refunding Bonds Report 87-94 Resolution 87-40 Egan continued that in structuring the proposal, special concern was paid to the amount of cash available because of the impact on savings; in handling two water-related bonds, the cash requirement will be kept to a minimum which will minimize savings but will still be a good method. Staff is asking council for approval of the concept; the sale of the bonds would then be on the May 12, 1987, council agenda. However, if interest rates are not advan- tageous at that time, we will postpone or cancel the award of the sale. The cost to the city would be about $4,700 for preparing an official statement and receiving a bond rating. Egan further explained the savings reach back to the taxpayer through reduced cost of their debt levy; and indicated this is an opportune time for the city. Jim Casserly, Miller & Schroeder Financial, Inc., compared the various options that were considered and explored. For clarification, Schmidt asked if the water bonds relate to when the wells were found to be contaminated; Egan responded affirma- tively.