| City Commission Work Session | Mayor Joan Bennett presiding |
CALL TO ORDER: 5:45 P.M.
PRESENT: Mayor Bennett, Commissioners Beecher, Downer, Gray, and Rosenbaum. Also present were City Manager, City Attorney, Directors of Community Development, Park & Recreation, Fiscal Control, Management Information Services, Library, Public Works, Fire Chief, and City Clerk.
Coleen Balzarini, City Controller, overviewed the proposed resolution that was on the regular agenda. She explained that the proposal was to refund the outstanding golf bonds in order to get a lower interest rate. She added that Staff was also asking for additional bond money to fund the Capital Improvements Program for the golf courses which will include the irrigation at both municipal golf courses. Mrs. Balzarini explained that the debt could be structured so that we would not experience any additional debt service plus add over $1 million in capital improvements.
Mrs. Balzarini added that Staff is also recommending that the bonds be sold through a negotiated sale. She stated that Piper Jaffray would structure the contract so that it is fair and is in compliance with all pertinent federal and state laws.
The City Commission concurred with the proposal.
Joe LaForest, Parking/Zoning Supervisor, reviewed the proposed rate increase resolution that was on the regular agenda. Following the brief presentation, Commissioner Gray asked if the rate increase will decrease the occupance level. Mr. LaForest answered that there will be a brief reduction in occupancy, however it would not last long. Mr. LaForest reminded the Commission that the intent of the rate increase was to keep within the margin necessary for the capital improvements program and future bonding.
Kim Johnson, CDBG Grant Administrator, reviewed the schedule for the CDBG Funding process.
There being no further business to come before the Commission, the regular work session on January 20, 1998, adjourned at 6:45 p.m.