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REGULAR SEMI—MONTHLY MEETING OF THE <br />CITY COUNCIL OF ELK RIVER <br />HELD IN THE ELK RIVER PUBLIC LIBRARY <br />September 17, 1979 <br />Members Present: Mayor Madsen, Councilmembers Duitsman, Engstrom, Otto. and Toth. <br />Members Absent: None. <br />1. Meeting called to order at 7:30 p.m, by Mayor Madsen. <br />2. Agenda <br />Item #3j, consideration of minutes of special City Council meeting, and Item #67, <br />consideration of Industrial Park road improvement, were added to the September 17th, <br />City Council agenda. COUNCILMAN TOTH MOVED APPROVAL OF THE AGENDA AS CORRECTED. <br />3. Minutes <br />Councilman Duitsman indicated that the reference to a Sally Johnson should be <br />3}. Minutes of Special City Council meeting on August 22, 1979 <br />COUNCILMAN OTTO MOVED APPROVAL OF THE AUGUST 22 1 9 SPECIAL CITY COUNCIL MEETING <br />MIMES. C C N i SECONDED MOTIO P -0 <br />4. Open Mike <br />A. open Mike — No one appeared for the September 17th City Council open mike. <br />I B. Open Mike Reports — The City Administrator informed the City Council that <br />in researching past City Council minutes, Council action on the York Street <br />boat landing had been to prohibit boat launching at the landing but not to <br />vacate the street so that it may be utilized for emergency services as needed. <br />Councilman Otto indicated that he thought the City Council had reversed that <br />action at a later date and asked that the City Administrator look further into <br />the minutes to determine if this had, in fact, happened. The City Administrator <br />also informed the City Council that should the Council wish to charge a boat <br />launching fee at the Orono Park launching ramp, the Council may do so at their <br />discretion. <br />5. 1979 Improvement Bond Sale <br />Mr. King Forness, representing Springsted, Inc, the City's bond and financial <br />consultant, was present at the meeting to open and review bids for the 1979 <br />Improvement Bond sale for the members of the City Council. Upon opening and <br />reviewing the bids received, the following net interest dollar costs and net <br />interest rates from the respective bidders were received: <br />Net Interest Net Interest <br />Bidder Dollar Cost Rate <br />Fist National Bank of Mpls.2 ,$ ,735.83 <br />Dain, Bosworth, Inc. 222,170.18 6.4366% <br />First National Bank of St. Paul 229,485.00 6.648% <br />