HomeMy WebLinkAbout04.14.2003COUNCIL WORK SESSION
April 14, 2003
4:00 p.m.
Council Chambers
Members present: Mayor Rooff, Kincaid, Welper, Greenwood, Clark, Jordan, Hurley, Getty.
Moved by Jordan, seconded by Greenwood that the Agenda, as proposed, be approved. Ayes:
Seven. Motion carried.
Don Temeyer, Community Planning & Development Director, presented the proposed capital
improvement projects to be included the Capital Improvements Program. Mr. Temeyer reviewed
the proposed list of items to be included in the in the FY 04 bond issue in June' totaling $6
million and the Capital Improvement Program for FY04 through FY08. Mr. Temeyer stated that
it is anticipated the city will issue $6 million for FY04 and just about $6 million in FY05. The
five year program is updated each year. Some projects in the five year program happen in the
year requested, some projects get pushed to another year. Some items are placed on the list
anticipating grants, or the list can be affected by policy change. If that happens some projects are
moved back and other projects are moved forward. The city cannot collect interest on taxpayers
money as that is called arbitrage.
Michelle Weidner, Chief Financial Officer, reported that the city has been leasing some park and
golf maintenance equipment through John Deere Credit. Ms. Weidner and Paul Huting, Leisure
Service Director, met to discuss his needs to replace some parks and golf equipment. The total
cost of the equipment is estimated at $425,000.00. John Deere Credit was contacted to determine
the current terms that would be available. The current lease interest rate for municipalities is
4.95 percent. The city anticipates the interest rate it will obtain with the bond sale will be in the
range of 3.3 percent to 3.8 percent. Due to the interest savings the city would realize by issuing
bonds for this equipment, it is recommended that this equipment be included in this spring's
bond sale.
Paul Huting, Leisure Services Director, reported they are replacing some older equipment that
was never put on the John Deere lease. In addition, Leisure Services will be replacing some John
Deere equipment which is worn out after five years of use.
Mayor Rooff stated that the city is working on replacing the equipment with John Deere
equipment because we made the commitment to be a John Deere city.
With no further business before the council, it was moved by Getty, seconded by Clark that the
meeting be adjourned at 4:25 p.m. Ayes: Seven. Motion carried.
Nancy Eckert
City Clerk