09-26-90 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL 5EPTEMBER 26, 1990 Fifield presented Springsted's written analysis which he explained to the Council. The analysis points out that the savings could only be achieved by using up the City's cash reserves. The City Administrator reported that it is his recommendation that it is not in the City's best interests to proceed with the refunding at this time. This is due to the commitment that would be necessary on the part of the City for up-front oash, plus questions with the City's special assessment collections. Mr. Blesener introduced the following resolution and moved its adoption: RESOLUTION N0. 90-9-435 - ACCEPTING THE RECOMMENDATION OF THE CITY ADMINISTRATOR TO NOT PROCEED WITA ADVANCED BOND REFUNDING AT THIS TIME The foregoing resolution was duly seconded by Scalze. Ayes (4) Blesener, Scalze, Collova, LaValle. Nays (0). Resolution declared adopted. Blesener asked if the City Auditor has reviewed Springsted's figures for tax levy requirements, particularly if the City chooses not to refund and uses cash reserves on hand. The City Administrator reported that the Auditor has recommended that the City up-date its debt service study. The Administrator reported that the key concern is the City's special assessment collection rate. The Administrator suggested that rather than a full debt service study, a study somewhat smaller in scope be done. Mr. Blesener suggested that the City Auditor to conduct study. Council agreed. The Administrator reported of the cost of a full debt and suqgested that a small amount. The Administrator debt service analysis will budgetary process. Page 21 the Administrator work with a small-scope debt service that the Auditor's estimate service study was $12,000, study might cost half that pointed out that part of the be done as part of the 1991