03-13-2000 Council Minutes - Laserfiche WebLink

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ORONO CITY COUNCIL MEETING MINUTES FOR MARCH 13, 2000 *7 Approve Purchase of Fuel Tank for Golf Course - Continued Vote: Ayes 5, Nays 0. CITY ADMINISTRATOR'S REPORT 8. Schedule Council Work Session The Council will hold a work session on Monday, April 10, 2000 at 4:00 p.m. The Council will hold a workshop on April 14 and 15, 2000. *9. 2000 Insurance Award and Resolution to Not Waive the Statutory Tort Limits for Insurance Purposes - Resolution No. 4431 Peterson moved, and Sansevere seconded, to award the 2000 insurance package effective January 1, 2000 to the League of Minnesota Cities Insurance Trust for the worker compensation coverage, $34,592; for the comprehensive municipal property and casualty package, $83,830; for the umbrella excess liability, $18,848; for the petrofund • reimbursement, $595; for the open meeting law, $939; for the boiler and machinery, $1,585; for the surety bonds, $780; and for the golf course liquor liability, $625. Vote: Ayes 5, Nays 0. Peterson moved, and Sansevere seconded, to approve and adopt Resolution No. 4431, a Resolution Making a Selection to Not Waive the Statutory Tort Limits for Liability Insurance Purposes. Vote: Ayes 5, Nays 0. 10. Community Endowment Fund Mayor Jabbour stated that the Council should either buy back the city facilities bonds, or develop a policy regarding how to use the money in the City's Building Outlay Fund. He stated that he felt buying back the bonds would be a mistake. Kelley stated that the money is excess revenue over expenses from years past. Flint asked about purchasing some open space areas to set aside for future use. Mayor Jabbour stated he would rather see the money set aside and the city could use 90% of interest earned each year. He also stated that the City could borrow against the interest, but the money should be kept in case of large, unexpected future expenses. Kelley asked how much open space or parkland the City would want to maintain. He also asked if they move the money off of their balance sheet and place it into a fund, if it would affect the City's Moody's rating and bonding ability.