Agenda Packets - 1985/09/16 - Laserfiche WebLink

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h t✓ / 1 /1 NEW) TO: Mayor and Council {I<�� FRUM: Finance. Director -Treasurer Brayer DATE: August 28, 1985 RF.: MUNICIPAL CODE REVIEW, CHAPTERS 20 i 26 I have reviewed Chapters 20 h 16 of the Municipal Code and have changes to propose. Proposed changes have been reviewed and approved by City Attorney Meyers. Chapter 20 Financing, Funding and Assessments Chapter 20.01 Improvement Mond Redemption Fund, is proposed to be deleted in its entirety. This was a common Bond Fund which was used to pay all improvement bond issues of the City. Chapter 10.0il Hume Rule Charter, Chapter 26 Bond Redemption, was added after adoption of the City Charter and requires a separate fund be established for each new improvement bond issue. After the cash deteasance of all bond issues in the Improvement Bond Redemption Fund in 1984 the Fund was closed and this Chapter of the Code may thus be deleted. The first part of Chapter 20.011 Subdivision 1 made reference to the Improvement pond Redemption Fund. That portion of Subdivision 1 may be deleted. Chapter 20.011 Subdivision 6 prescribed the form that improvement bonds were to take. Minnesota Statutes 475.55 allows the bonds to be certificated (the old form prescribed in this Chapter) or non certificated (book entry). Those portions prescribing form have been deleted. keference is made that the bonds may be in form as provided for in Minnesota Statutes 475.55. ahou)r bonds be sold Council would prescribe the form to be used in resoli.tions approving the sale and other details of the issue. Cnapter 20.011 Subdivision 7 has been changee to reflect the different forms that the bonds may be issued in by deleting references to the signing of the bonds and adding that they shall be executed as prescribed by Minnesota Statutes Chapter 475. Chapter 26 Public Improvements Chapter 26.045 Subdivision 1 (Ill was added to allow the Council more flexibility in the types of projects which may be authorized by incorporating reference to projects authorized by Minnesota Statutes 429.021. The percentage payment allowed on the Engineer's estimatC was changed trum 9U% to 95% in order that our practice be consistent with other city's practices in this regard.