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1 CITY OF ST. ANTHONY <br /> 2 <br /> HOUSING AND REDEVELOPMENT AUTHORITY MEETING <br /> ..4 <br /> 5 May 13, 2003 <br /> 6 <br /> 7 CALL TO ORDER <br /> 8 Chair Hodson called the meeting to order at 10:42 p.m. <br /> 9 <br /> 10 ROLL CALL. <br /> 1 1 Commissioners present: Chair Hodson; Commissioners Sparks, Thuesen, Horst, and Faust. <br /> 12 Commissioners absent: None. <br /> 13 Also present: Executive Director Michael Mornson and City Attorney Jerome <br /> 14 Gilligan. <br /> 15 <br /> 16 <br /> 17 I. APPROVAL OF MAY 13, 2003 H.R.A. AGENDA. <br /> 18 Motion by Faust to approve the May 13, 2003 Housing and Redevelopment Authority Agenda as <br /> 19 presented. <br /> 20 <br /> 21 Motion carried unanimously. <br /> 22 <br /> 23 II. CONSENT AGENDA. <br /> 24 Motion by Sparks to approve the Consent Agenda, which consisted of: <br /> nr <br /> A. H.R.A. Meeting Minutes of April 22 2003, <br /> 27 B. Claims. <br /> 28 <br /> 29 Motion carried unanimously. <br /> 30 <br /> 31 III. GENERAL POLICY BUSINESS OF THE H.R.A. <br /> 32 A. H:R.A. Resolution 03-007, re: Lease Purchase Revenue Bonds for the Public Facilities <br /> 33 Upgrade. <br /> 34 Jim Prosser, Ehlers & Associates, explained that he was present to review information regarding <br /> 35 financing the public work facilities and fire station with the Board. He noted one option <br /> 36 discussed were leased revenue bonds. Mr. Prosser stated the HRA would then finance and lease <br /> 37 the facilities to the City. He indicated this was a common form of financing for this type of <br /> 38 public facility,but not the only option. <br /> 39 <br /> 40 Mr. Prosser explained current legislation was calling for this type of bonding to cease after the <br /> 41 end of May 2003. He noted if he was authorized to solicit bids for these bonds, he would bring <br /> 42 information back to the HRA on Wednesday, May 28, 2003. <br /> 43 <br /> 44 Mr. Prosser indicated the 20-year bonds are at a 25+-year low interest rate. He described that the <br /> 45 lease revenue bonds are not general obligations of the City, but that they are obligations of the <br /> 46 HRA. Mr. Prosser indicated, however, if the bonds were not repaid, the credit rating of the City <br /> d 7 would be hurt. He suggested bond insurance be purchased by the City for these bonds. Mr. <br /> Prosser suggested a debt service reserve be established or have a surety bond in place. <br /> 49 <br />