Laserfiche WebLink
JURAN & MOODY , INC . <br /> • MUNICIPAL BONDS EXCLUSIVELY <br /> ' +• 114 EAST SEVENTH STREET <br /> - SAINT PAUL, MINNESOTA 55101 <br /> Li _J -.'l TELEPHONE 612/298-1500 <br /> November 8, 1979 <br /> Mr. Jeff Nelson <br /> City Administrator <br /> City Hall <br /> 2401 Highway #10 <br /> P.O. St. Paul , MN 55112 <br /> RE: PROPOSED NEW CITY CHARTER <br /> CITY OF MOUNDS VIEW, MINNESOTA <br /> Dear Jeff: <br /> As per our telephone conversation last week, I have received a copy of the City <br /> of Mounds View proposed new City Charter.and I have also received copies of <br /> letters to Mr. McCarty from Faegre and Benson and the City financial consultant, <br /> Mr. Bob Ehlers. <br /> We, at Juran & Moody, Inc., are both financial consultants and underwriters <br /> of general obligation bonds not only within Minnesota but also on a national <br /> basis, so I feel qualified to speak on the proposed new Charter. I have the <br /> following comments: <br /> 1. The issuance of general obligation bonds under the new Charter <br /> could be delayed at least six months due to petitions and appeals. <br /> 2. When the potential for appeals are much greater, due to a Charter, <br /> than those of a statutory City, the underwriters would have a <br /> possible tendency to shy away from a City with this type of a Charter <br /> when the supply of bonds are adequate within the market place. <br /> 3. I believe that there is a possibility that this ordinance, as it <br /> relates to Chapter 429,would have to be retested in court. This <br /> initially could take a lengthy period of time. <br /> 4. The potential delays caused by the City Charter could increase <br /> construction costs dramtically and increase the legal and <br /> financial cost as well . <br /> From a financial consultant standpoint, I would not recommend a Charter much <br />