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Elk River City Council Minutes <br />July 27, 1998 <br /> <br />Page 3 <br /> <br />construct new facilities and refinancing similar obligations issued for the benefit of <br />Guardian Angels. City Bond Counsel Jim O'Meara informed the Council that it <br />would not be the city's responsibility to pay for the bonds. Jim O'Meara <br />indicated that the city would be assuming a small financial loss by issuing these <br />bonds, however, according to the Joint Powers Agreement, Guardian Angels <br />would compensate the city for this loss. Lori Johnson stated that the City of Elk <br />River will have no out of pocket costs or financial obligation with these bonds. <br /> <br />COUNCILMEMBER HOLMGREN MOVED TO APPROVE THE AGREEMENT <br />COMPENSATING THE CITY OF ELK RIVER, MINNESOTA FOR INABILITY TO DESIGNATE <br />BANK QUALIFIED BONDS SOLD AFTER AUGUST 1, 1998, THROUGH DECEMBER 31, <br />1998. COUNCILMEMBER FARBER SECONDED THE MOTION. THE MOTION CARRIED 5- <br />0. <br /> <br />Other Business (Continued) <br /> <br />Mayor Duitsman informed the Council that Elk River Utilities will be considering the <br />issuance of $15,000,000 in bonds which may take a special Council meeting. <br /> <br />Councilmember Dietz talked about the number of meetings the City of Elk River <br />holds per year. He indicated that he would like to see the city try fo eliminate <br />one Council meeting per month by holding a Council meeting on the same night <br />as the EDA meeting. Discussion was held regarding .this concept. It was the <br />consensus that if a Monday evening were eliminated it would be most feasible to <br />eliminate the first Monday of the month. The City Administrator indicated he <br />would review the request. <br /> <br />4.3.B. <br /> <br />Barn Burn - Pat Klaers distributed a memo from the Fire Chief regarding a barn <br />that was burned on July 14, 1998. <br /> <br />Public Hearing on Proposal for the Undedakinq and Financin.q of a Health Care <br />Facilities Project and the Issuance of Revenue Bonds by the City Therefor on <br />Behalf of Guardian Anqels Health Services, Inc. <br /> <br />Mayor Duitsman opened the public hearing at 7:00 p.m. regarding the Guardian <br />Angels Health Services, Inc., Projects and the Issuance of the above-referenced <br />Bonds Pursuant to the Joint Powers Agreement Therefor. There being no one for <br />or against the matter, Mayor Duitsman closed the public hearing. <br /> <br /> <br />