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1 <br />1 <br />COUNCIL MINUTES FEBRUARY 24, 1992 <br />some help. The NMMA is working to keep the trust fund as "clean" <br />as possible. <br />Fiscal disparities legislation will probably be introduced to <br />make fiscal disparities a little more fair. This matter needs <br />careful scrutiny. <br />Mr. Strauss told the Council about an exhibition that will be <br />held on April 8, 1992. All municipalities will have an <br />opportunity to be represented and a chance for promoting <br />themselves. <br />Mr. Strauss noted two (2) publications, the Corporate Report and <br />the Focus Magazine. Both publications try to get full exposure <br />for member municipalities. <br />Mayor Reinert asked Mr. Strauss if the members of the legislature <br />representing the north metro area relate to the NMMA? Mr. <br />Strauss explained that 40 members supported the 610 Crosstown <br />construction and regularly call the NMMA to determine their <br />position on particular issues. <br />Mayor Reinert thanked Mr. Strauss for attending this evening. <br />CONSIDERATION OF SETTING BOND SALE FOR 1992 IMPROVEMENT BONDS, <br />DAVID MACGILLIVRAY <br />Mr. MacGillivray presented two (2) resolutions setting bond sales <br />for March 23, 1992 and recommended that the Council adopt the <br />resolutions so that he could move forward with the marketing <br />documents. There will be two (2) bond issues. The first issue <br />is for refinancing the 1989 General Obligation Temporary Bonds in <br />the amount of $3,640,000.00 and titled General Obligation <br />Improvement Refunding Bonds, Series 1992A. The second issue is <br />for the construction of the elevated water storage in the amount <br />of $1,060,000.00 and titled General Obligation Water Revenue <br />Bonds, Series 1992B. Mr. MacGillivray noted that because of the <br />restrictions in the City Charter, repaying debt requires a <br />complicated system of user and connection fees. He noted that <br />there is a surplus in the User and Connection Fee Fund at this <br />time and recommended that this surplus remain uncommitted to <br />allow for bond payments in the event assessments are not <br />sufficient to cover the bond payments. <br />Mr. MacGillivray also noted that the payment of several of the <br />temporary bond issues require that residential development go <br />forward in the areas where facilities are already constructed. <br />He explained that "fill -in" development should be encouraged so <br />that additional user and connection fees continue to be <br />accumulated for bond payments. If bond payments cannot be paid <br />PAGE 3 <br />105 <br />