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<br />Council Meeting Minutes <br />December 19, 1985 <br /> <br />I <br /> <br />t1otion by Harcus, seconded by Blomquist, to APPROVE SP-180 AND <br />LP-187 FOR NEW BRIGHTON INNS. <br /> <br />4 Ayes - 0 Nayes, "'<JUan Carried <br /> <br />Motion by Janecek, seconded by Blomquist, to WAIVE THE READI~G AND <br />ADOPT :'\ RESOLUTIOij\UTHORIZf;jG THE ISSUANCE OF THE CITY'S ~9 iULLIOtl <br />COtir~ERCIAL DEVELOP11fNT REVEiWE NorE FOR NEW BRIGHTOn INNS. <br /> <br />4 Ayes - 0 Nayes, Motion Carried <br /> <br />Winkels reviewed the need for resolutions far the sale of City of <br />New Brighton Capita, Improvement Bonds and Tax Increment Bonds, <br />Series 1985. <br /> <br />Jim Casserly, Miller & Schroder Municipals, Inc., further ex- <br />plained the bonding procedure ana stated the majority of bonds <br />would be these types of bonds next year, they allow a great amount <br />of flexibi1ity, they are an excellent investment tool, and the <br />investment is locked in. <br /> <br />I <br /> <br />Benke asked if they could be refinanced at a more favorable rate; <br />Casserly responded they could be refinanced if the market changes <br />within the next ten days. <br /> <br />Harcus asked what tne rate is tied into; Casserly responded they <br />are tied into whateyer it takes to keep them in the market. <br /> <br />Casserly stated further that we could withdraw the entire amount <br />with a fourteen day notice, the only requirement is that they not <br />be pulled out until March 1, 1986. <br /> <br />Harcus stated he supports the issue as a short-term item, and <br />suggested staff be ~irected to develop a financial plan to manage <br />the risk or have someone develop it for them. <br /> <br />Benke agreed we need someone on staff to anticipate the changes. <br /> <br />Sinda stated Egan watched the changes now as does our f'inancial <br />consultant, Miller and Schroeder. <br /> <br />Casserly stated this type of a tool requires ongoing supervision. <br /> <br />I <br /> <br />Benke mentioned that we have talked about some of our other invest- <br />ment performance policy criteria and, looking ahead, he stated he <br />would like staff to be working on a monthly status report so that <br />council can keep track of where the rates and monies are so the <br />opportunity is available to spot trends or help identify problems. <br /> <br />Motion by Blomquist, seconded by Harcus, to WAIVE THE READING AND <br />ADOPT A RESOLUTION FOR SALE OF CITY OF NEW BRIGHTON CAPITAL IMPROVE- <br />t1ENT BONDS, AND TO WAIVE THE READING AND ADOPT A RESOLUTION FOR THE <br />SALE OF CITY OF NEW BRIGHTOH TAX INCREMENT BONDS, SERIES 1985. <br /> <br />4 Ayes - 0 Nayes,Motion Carried <br /> <br />Page Ten <br /> <br />$9,000,000 Commercial <br />Development Revenue <br />Note - New Brighton <br />Inns <br />Report 85-365-A <br />Resolut ion 85-146 <br /> <br />Capital Improvement <br />Bonds - Tax Increment <br />Bond s <br />Resolution 85-147 <br />Resolution 85-148 <br />