The Taconite Capital of the World

City of Mountain Iron, Minnesota

Meeting Minutes for April 29, 2002

Committee-of-the-Whole Meeting

April 29, 2002

Mayor Brunfelt called to order at 6:30 p.m.

In attendance were Mayor Brunfelt, Councilor Skogman, Councilor Matanich, Councilor Roskoski and Councilor Prebeg. Staff present: City Administrator Wainio, Director of Public Works Kleinschmidt, and Financial Advisor Ellertson.

The Mayor opened the meeting with the purpose of the meeting to determine possible projects and bonding options. Mr. George Ellertson from Juran and Moody was introduced. He presented information on the legal debt limit and the types of debt that count towards that limit. He also presented an example of a $1,000,000 bond issue. Various issues were discussed including interest rates and the various types of bond issues the City may be considering. Mr. Ellertson pointed out three ways bonds are measured, first is the statutory limit, second is the debt ratio and third is affordability. Mr. Ellertson pointed out that the City of Mountain Iron is well within the acceptable range.

Councilors stated various opinions on the matters at hand. It was agreed upon to bond for the water tower repairs. It was the consensus to place the bonding matter and the library issue on the next regular City Council meeting agenda.

Mayor Brunfelt left the meeting at 8:19PM.

The meeting then moved to the development of a set of core values for the City of Mountain Iron. The Council developed a list of proposed values to be presented and further refined at the next City Council meeting.

The meeting was adjourned by Deputy Mayor Prebeg at 9:30 p.m.

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