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COUNCIL MINUTES SEPTEMBER 13, 2005 <br />APPROVED <br />• <br />91 Councilmember Carlson asked about future changes needed in the police department due to events of <br />92 the weekend. She also asked about police department retirement benefits. Finance Director Rolek <br />93 stated the budget could change; however, the open position will likely be filled this year. He added <br />94 benefits would be reviewed. <br />95 <br />96 Councilmember Stoltz asked about the market value homestead credit that has been suspended. <br />97 Finance Director Rolek replied since the program has been suspended for the last four years the 2006 <br />98 budget was approached with the program as a permanent loss. <br />99 <br />100 Councilmember Stoltz moved to approve Resolution No. 05-130, Adopting Proposed 2006 General <br />101 Operating Budget. Councilmember Reinert seconded the motion. <br />102 <br />103 Councilmember Carlson stated she is going to support this because of the limited budget increase and <br />104 growth in the City. <br />105 <br />106 Motion carried unanimously. <br />107 <br />108 Resolution No. 05-130 can be found in the City Clerk's office. <br />109 <br />110 B. Consider Resolution No. 05-131, Adopting Preliminary 2005/06 Property Tax Levy <br />111 <br />112 Finance Director Rolek summarized the Staff report, indicating Staff recommends approval. <br />•13 <br />114 Councilmember Dahl moved to approve Resolution No. 05-131, Adopting Preliminary 2005/06 <br />115 Property Tax Levy. Councilmember Stoltz seconded the motion. <br />116 <br />117 Motion carried unanimously. <br />118 <br />119 Resolution No. 05-131 can be found in the City Clerk's office. <br />120 <br />121 C. Consider Resolution No. 05-133, Providing for the Issuance and Sale of Approximately <br />122 $5,550,000 Taxable General Obligation Improvement Bonds, Series 2005A <br />123 <br />124 Finance Director Rolek summarized the Staff report, indicating Staff recommends approval. He <br />125 introduced Terri Heaton, Springsted Inc., who stated the estimated interest rate is 5.49% and the <br />126 assessment rate will cover 100% so there will be no tax levy. <br />127 <br />128 Councilmember Carlson asked about the underwriter's discount and the cost of issuance. She added <br />129 the underwriter's fee seems high. Ms. Heaton replied the underwriter's discount is an estimate while <br />130 the issuance cost encompasses about five different parties. <br />131 <br />132 Councilmember Carlson asked about bond dollars going to Legacy improvements and being paid <br />133 back by TIF funds. Ms. Heaton replied no, they are special assessments to the developer. <br />•134 <br />3 <br />