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City Council Regular Meeting Minutes 0$ March 9, 2004 Page 5 1 repayment schedule. He explained the City was likely to pay less interest if the bonds were 2 structured as a temporary issue; however, the disadvantage was another set of bonds might need 3 to be issued, in which case the City would have to pay for the services of those involved in 4 issuing the bonds. He added it was believed those costs would be more than offset in interest 5 savings, however, and potentially the City might not need to issue another set of bonds. 6 7 Councilmember Faust asked if adding a two-year extension to the temporary bond was relatively 8 simple. Mr. Prosser responded the temporary bond was a three-year bond but was callable after 9 one year or anytime thereafter; therefore, any extension beyond one year was automatically 10 included. 11 12 Councilmember Stille asked if a portion of the bond could be called. Mr. Prosser responded a 13 portion of or the entire bond could be called. 14 15 Motion by Councilmember Stille, seconded by Councilmember Thuesen, to adopt Resolution 04- 16 025 providing for the sale of$1,790,000 General Obligation Improvement Bonds Series 2004A. 17 18 Motion carried unanimously. 19 20 Motion by Councilmember Faust, seconded by Councilmember Stille, to adopt Resolution 04- 21 026 providing for the sale of$2,075,000 General Obligation Improvement Temporary Bonds 22 Series 2004B. 23 24 Discussion: 25 26 Mayor Hodson asked if these bonds-were being issued to cover costs prior to the City receiving 27 funds from the developers. Mr. Prosser responded Mayor Hodson was correct. 28 29 Councilmember Stille noted these funds would come from the developers and the property and 30 would not be serviced by the general population. 31 32 Motion carried unanimously. 33 34 B. Review of 2004 City Goals. 35 Jim Prosser, Ehlers and Associates, noted Council had been given copies of the Ehlers and 36 Associates' report from the strategic planning session conducted by City on January 22 and 23, 37 2004,which provided background regarding the importance of strategic planning. He indicated 38 one of the important responsibilities of elected officials and City staff was to make sure the 39 community provided its services on a day-to-day basis while planning for strength in the future. 40 41 Mr. Prosser indicated Ehlers and Associates used St. Anthony Village as a case study in a recent 42 presentation because of the strategic planning the City had undertaken. He added the City should 43 be pleased with the effectiveness of the results. 44 45 Mr. Prosser explained the City's strategic plan for 2003-2004 carried forward some consistent 46 themes from the past: