06/08/1998 Council Minutes - Laserfiche WebLink

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• • • COUNCIL MINUTES June 8,1998 district with 10% interest charges per year. These annual transfers for assessments have been previously approved for all other T.I.F. projects with the same assessment agreement. The total assessment owing is $51,260.05. Ms. Vaske asked Council to adopt Resolution No. 98 - 80 to allow for annual transfers for assessments from increment received. Council Member Bergeson moved to adopt Resolution No. 98 - 80, as presented. Council Member Lyden seconded the motion. Motion carried unanimously. Resolution No. 98 - 80 can be found at the end of these minutes. Approval of Springsted, Inc. to Perform Arbitrage and Rebate Monitoring Services for the 1998A Lease Revenue Bonds and 1998A and 1998B G. O. Improvement Bonds - Ms. Vaske stated that with the issuance of the three (3) bonds, the City has exceeded the requirements for arbitrage reporting. The limit is $5,000.000. In order for the City to be able to issue future municipal debt, the City is now committed to provide ongoing arbitrage reporting. Ms. Vaske continued stating that the City entered into an agreement with Springsted in 1996 for arbitrage monitoring. This motion is for approval of Addendum B. The fee to Springsted is $400 annually or $850 for monitoring at the close of every fifth bond year. Because of the complex rules and regulations, many cities have contracted with Springsted for this service. Council Member Lyden moved to approve and sign the attached addendum's to the 1996 agreements for the G. 0. Improvement Bonds 1998A and 1998B and the Lease Revenue Bond 1998A, as presented. Council Member Neal seconded the motion. Motion carried unanimously. Approval of Springsted, Inc. to Perform Continuing Disclosure Services for the 1998A Lease Revenue Bonds and 1998A and 1998B G. O. Improvement Bonds - Ms. Vaske stated that the Securities and Exchange Commission has created regulations for disclosure of pertinent information relating to the issuance of municipal debt. Upon the sale of the bonds in 1998, the City will be committing to actions throughout the life of the bonds. The commitment is that the City will continue to provide ongoing disclosure regarding the issues and the City will comply with the arbitrage regulations. The City signed the original agreement with Springsted in 1996 for continuing disclosure services. This is for approval of Addendum A to the 1996 Agreement. Because of the complex rules and regulations, many cities have contracted with Springsted for this service. Council Member Bergeson moved to approve and sign the addendum's to the 1996 agreements for the G. 0. Improvements Bonds 1998A and 1998B and the Lease Revenue Bond 1998A, as presented. Council Member Neal seconded the motion. Motion carried unanimously.