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V. <br />TO: <br />FROM: <br />DATE: <br />Mayor Peterson and Council Members <br />Ron Moorse, City Administrator <br />April 30,2003 <br />SUBJECT: Structuring of Navarre Fire Station Bond Issue <br />At the May 2 woric session, Carolyn Drude, die City ’s Bond Consultant, provided three options for <br />structuring the Navarre Fire Station Bond Issue. The Council determined a structure that would <br />allow some flexibility regarding tax levies in the future would be preferable because of the <br />uncertainty regarding State legislative impacts on local levies, and because the City has upcoming <br />needs that will require additional expenditures. The Council directed the City Administrator to <br />provide information regarding upcoming needs and expenditure increases, and regarding additional <br />options for structuring the bonds that would most cost-effectively provide the levy and expenditure <br />flexibility the City will need. <br />Future Expenditures <br />The attached materials provide information regarding future expenditure needs. In the near future, <br />there will be a need for increased expenditures for both capital and operating needs. These needs <br />include the replacement of equipment in the Police, Fire and Public Works areas, increased <br />expenditures for street rehabilitation, and increased staffing needs, particularly in the Police <br />Department. <br />Bond Structure <br />Tom Kuehn, Carolyn Drude, and I will meet prior to the work session to review the bond structure <br />options, as well as the City ’s current bond schedules, to determine how best to provide some <br />expenditure flexibility while limiting interest costs. <br />■JLm <br />I?-"’ <br />-:v ,