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Page 2 <br />Council Minutes <br />December 13, 2000 <br />Request for action on the option to waive the statutory tort limits under the LMCIT <br />insurance plan. <br />Administrator Worthington explained that the League of Minnesota Cities Insurance <br />Trust is requesting that cities determine if they wish to waive the statutory tort limits of <br />$750,000. The city's attorney recommends not waiving the statutory limits. After brief <br />discussion, councilmember Kuettel made a motion to maintain the statutory tort limit of <br />$750,000. The motion passed unanimously. <br />Consider rescinding the consent item of April 12 authorizing a transfer of funds from the <br />Sanitary Sewer Fund to the 1999 NE Quadrant Street Improvement Bond Fund. Also <br />authorize the transfer of funds from the Sanitary Sewer Fund into the Infrastructure Fund <br />instead. <br />Administrator Worthington explained that a rescission of the April 12, 2000 consent item <br />authorizing a transfer of funds from the Sanitary Sewer Fund to the 1999 NE Quadrant <br />Street Improvement Bond Fund is recommended. The transfer was never completed and <br />i Worthington said we need to use up the balance in the 1999 NE Quadrant Street <br />Improvement Capital Fund and we need to minimize the balance in the 1999 NE Bond <br />Fund. After receiving advice from the city's financial advisors and bond counsel, the <br />recommendation is to transfer this $750,000 out of the Sanitary Sewer fund and transfer it <br />into the Infrastructure Capital Improvement Fund. This will enable the city to meet <br />"arbitrage" requirements. After brief discussion, councilmember Kuettel moved to <br />rescind consent item of April 12 agenda.. The motion carried unanimously. <br />councilmember Lindstrom made a motion to authorize transfer of funds from the <br />Sanitary Sewer Fund into the General Fund's Infrastructure Fund. This motion passed <br />unanimously. <br />Adoption of Resolution 00-30, providing_guidance to Finance Director with respect to the <br />source of funds to ~ay debt service on outstanding bonds <br />Administrator Worthington explained that the Debt Service Fund is currently over funded <br />due to prepaid special assessments. This resolution provides direction to the finance <br />director with respect to the source of funds to pay debt service on the bonds when due in <br />future years. After brief discussion, a slight amendment to the resolution was <br />recommended and councilmember Hustad moved to approve Resolution 00-30 as <br />amended. The motion passed unanimously. <br />.~ <br />ccminutes 12-13.doc <br />