Committee Minutes

MINUTES/FINANCE COMMITTEE
Tuesday, February 22, 2000 - 7:15 p.m.

Members present: Babinchak, Brooks, Carpenter, Hamerlik.

1.a Reconsider motion awarding Health Care System Revenue Bonds
SERUIES 2000, authorizing issuance of revenue bonds._______
Dwight Thompson, Altru Health Care Systems, asked for a change in the resolution allowing them to change rate in the resolution from 7.5% to 8.5%, that it is a month until they close and would like maximum allowable for this issue of 8.5%. It was moved by Carpenter and Brooks to reconsider their previous motion and to amend the motion that we authorize interest rate of not to exceed 8.5%. Motion carried.

1. Matter of rebidding Aurora Construction Fund Investment
(matures 3-01-00_______________________________________
Mrs. Jerath reported that bids received from 8 bidders, Bear & Sterns submitted highest bid of 6.395%, have to rebid for 3 years, and recommended awarding to Bear & Stearns. It was moved by Carpenter and Brooks that we award to Bear and Stearns with a yield of 6.395%. Motion carried.

2. Matter of retreat for council to set priorities.
Mayor Owens and Mr. Gordon were present. Mr. Gordon provided info. with re. to the Carver Governance for this 2-day session, long range visioning rather than planning, this method will bring through Introductory Items with group and after election could use long range strategies planning; that March 10 and 11 are tentative dates, otherwise not until May. $7,000 for each of the sessions and with expenses around $18,000 and would not be eligible through CDBG and that Mr. Gordon stated that they can help through his budget, and money available after talking with Mr. Schmisek. The committee talked about details, whether wait for future council members and start with new members coming in; and also suggested something in-house, too much money before election to do both of them.

It was moved by Carpenter and Brooks that we do Carver Governance method on March 10 and 11 at a cost of $7,000 plus expenses. Motion carried.

RECONSIDER PAST MOTION.
It was moved by Council Member Carpenter and seconded by Council Member Brooks to reconsider the past motion. Motion carried.

MINUTES/FINANCE COMMITTEE
February 22, 2000 - Page 2

Carpenter and Brooks moved a substitute motion - that we do Carver Governance Method at the earliest possible date at a cost of $7,000 plus expenses. Motion tied 2 to 2.

Meeting adjourned.

Alice Fontaine
City Clerk

Dated: 03/20/00.