Agenda Packets - 2011/10/10 - Laserfiche WebLink

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Mounds View City Council September 12, 2011 Regular Meeting Page 8 work session meeting scheduled for December 5, 2011. A continuation could be held on 1 December 12th if necessary. 2 3 MOTION/SECOND: Gunn/Hull. To Waive the Reading and Adopt Resolution 7823 4 Establishing Public Hearing Dates for the Proposed General Fund Budget and Property Tax Levy 5 for Fiscal Year 2012. 6 7 Ayes – 5 Nays – 0 Motion carried. 8 9 G. Resolution 7824, Closing Funds, Reclassifying a Fund, and Committing 10 General Fund Balance for Future Levy Reduction and Stabilization. 11 12 Finance Director Beer indicated at the July work session an accounting change was discussed 13 with the Council as to how fund balances are to be reported. He reviewed the fund balance 14 changes in further detail, along with current fund balance levels. Staff recommended approval of 15 the proposed Resolution. 16 17 Council Member Mueller asked what percent would be transferred from the levy reduction fund 18 in 2011. Finance Director Beer indicated the amount being transferred was roughly 4%. 19 20 MOTION/SECOND: Mueller/Stigney. To Waive the Reading and Adopt Resolution 7824, 21 Closing Funds, Reclassifying a Fund, and Committing General Fund Balance for Future Levy 22 Reduction and Stabilization. 23 24 Ayes – 5 Nays – 0 Motion carried. 25 26 H. Resolution 7827, Approving the Terms of Sale of the General Obligation 27 Equipment Certificates of Indebtedness, Series 2011B to be Issued by the 28 City of Blaine, Minnesota. 29 30 Finance Director Beer explained from time to time, as a member of the joint fire department, 31 there is a need to purchase capital equipment. In the past, equipment certificates have been 32 issued to assist with these purchases. The Fire Chief was proposing to purchase two new fire 33 trucks and the Fire Department was looking to issue $1.555 million in equipment certificates of 34 indebtedness. The City of Blaine would act as the conduit for these bonds. He explained the 35 note would be paid off in five years. The City would be responsible for 15.12% of this debt, 36 based on a formula within the joint powers agreement. Staff recommended approval of the terms 37 of sale of the general obligation equipment certificates. 38 39 MOTION/SECOND: Mueller/Hull. To Waive the Reading and Adopt Resolution 7827, 40 Approving the Terms of Sale of the General Obligation Equipment Certificates of Indebtedness, 41 Series 2011B to be Issued by the City of Blaine, Minnesota. 42 43 Ayes – 5 Nays – 0 Motion carried. 44 45