08-14-2013 Council Workshop Minutes

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MINUTES OF THE WORKSHOP MEETING CITY COUNCIL LITTLE CANADA, MINNESOTA AUGUST 14, 2013 Pursuant to due call and notice thereof a workshop meeting of the City Council of Little Canada, Minnesota was convened on the 14th day of June, 2013 in the Council Chambers of the City Center located at 515 Little Canada Road in said City. Mayor Bill Blesener called the meeting to order at 6:00 p.m. and the following members of the City Council were present at roll call: CITY COUNCIL: Mayor Mr. Bill Blesener Council Member Ms. Shelly Boss (arr. 6:45 pm) Council Member Mr. John Keis Council Member Mr. Mike McGraw Council Member Mr. Rick Montour ALSO PRESENT: City Administrator Mr. Joel R. Hanson Finance Director Ms. Sharon Provos Ehlers & Assoc. Mr. Mark Ruff Ehlers & Assoc. Mr. Todd Hagen City Clerk Ms. Kathy Glanzer INFOR- The purpose of this evening's workshop meeting is to conduct an MATION Information Update on a number of issues. UPDATE PUBLIC The City Administrator stated that there are various options for financing WORKS a new Public Works garage which include Water /Sewer G.O. Revenue GARAGE Bonds, Capital Improvement (CIP) G. O. Bonds, or paying for the project in cash. The Administrator indicated that Ehlers & Associates, the City's Financial Advisor, has prepared Schedules showing what financing various amounts ($1.5M, $2.0M, and $2.5M) would look like over a 20 -year period. The Administrator indicated that the goal in financing the new building would be to retain liquidity and finance the debt service with depreciation from the Water and Sewer Funds. Another benefit of financing is that if interest rates continue to rise over the next number of years, the City may have the ability to earn interest on its money above the rates that it is paying on the bonds.