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MINUTES <br />CITY COUNCIL <br />JUNE 13, 2001 <br />flexibility, and given that these would be taxable hoods, the repurchase of the <br />bonds as an investment helps the taxpayers as well. <br />Fifield, the City Administrator, and the Council discussed the amowlt of bonds <br />that should be issued, with the City Administrator suggesting up to $3 million <br />to provide the City with some flexibility with its pay-as-you-go TIF projects. <br />Fifield pointed out that the action for the Council this evening would be to call <br />for the bond sale. Once the bids are received, they would be brought to the <br />Council for award. At that time, the Council could decide whether or not to <br />proceed with the sale. <br />Fifield felt that the sale of bonds at this time could preserve the City's capacity <br />to get a TIF grant from the Legislature should the property tax system be <br />modified. The sale of bonds would occw at a Council meeting prior to July I'". <br />Again, at that time, the Council has the authority to decide whether or not to <br />proceed. <br />Fahey pointed out that the risk to the City would be the costs of issuing bonds. <br />The City Administrator pointed out that the viability of the redevelopment <br />project is dependent on the actions taken by the Legislature. If the property tax <br />system is changed a~~d if there is no grant prograul put in place, it is highly <br />doubtful that the redevelopment project would cash flow. <br />Anderson asked the cost of issuing the bonds. Fifield replied that under Option <br />I the cost would be approximately $20,000. Costs would be higher under <br />Options Z or 3. <br />Mr. LaValle introduced the following resolution and moved its adoption <br />RESOI_ UTION NO. 2001-6-I21 -AUTHORIZING CITY STAFF AND <br />EHLE1tS AND ASSOCIATES TO PROCEED WITH THE b'ALE OF <br />GENERAL OBLIGATION TAXABLE 130NDS IN AN AMOUNT TO 13E <br />DETERMINED BY THE FINANCIAL CONSULTANT WITH A FINAL <br />APPROVAL ON THE BOND .SALE TO I3E MADE BY THE CITY <br />COUNCII. <br />The foregoing resolution was duly seconded by Scalze. <br />Ayes (4) LaValle, Scalze, Anderson, Fahey. <br />Nays (0). Resolution declared adopted. <br />It is anticipated that the bond sale will be considered by the Council at its June <br />27°i meeting. <br />