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<br />Elk River City Council Meeting <br />November 30. 1998 <br /> <br />Page 3 <br /> <br />. <br /> <br />5.2. <br /> <br />Resolution Providinq for the Issuance and Sale of the City's $1,375,000 General <br />Obliqation Improvement Bonds, Series 1998A . <br />Resolution Providinq for the Issuance and Sale of the City's $820,000 General <br />Obliqation Water Improvement Bonds, Series 1998B <br /> <br />5.3. <br /> <br />Bond Consultant Dave MacGillivray indicated that the GO Improvement Bonds <br />fund the 1998 overlay. Railroad Drive, Boston, Business Center Drive. Lake Orono.--- <br />and Guardian Angels projects. He indicated that the low bidder for the GO <br />Improvement Bonds was Piper Jaffray. Inc. at 4.3091 percent. Dave MacGillivray <br />indicated that the $820.000 GO Water Revenue Bonds Series 1998B would fund <br />well #6 and related treatment facilities. He indicated that the low bid for the <br />GO Bonds was from Norwest Investment Services, Inc. at 4.7755 percent. Dave <br />MacGillivray recommended that the City Council adopt the resolutions <br />providing for the issuance and sale of the GO Bonds and the Water Revenue <br />Bonds. <br /> <br />COUNCILMEMBER FARBER MOVED TO ADOPT RESOLUTION 98.130 PROVIDING FOR <br />THE ISSUANCE AND SALE OF THE CITY'S $1,375.000 GENERAL OBLIGATION <br />IMPROVEMENT BONDS, SERIES 1998A. COUNCILMEMBER DIETZ SECONDED THE <br />MOTION. THE MOTION CARRIED 4-0. <br /> <br />. <br /> <br />COUNCILMEMBER FARBER MOVED TO ADOPT RESOLUTION 98-131 PROVIDING FOR <br />THE ISSUANCE AND SALE OF THE CITY'S $820,000 GENERAL OBLIGATION WATER <br />REVENUE BONDS, SERIES 1998B. COUNCILMEMBER THOMPSON SECONDED THE <br />MOTION. THE MOTION CARRIED 4-0. <br /> <br />5.4. <br /> <br />Discuss Proposed Public Improvements for East Elk River <br /> <br />City Administrator Pat Klaers indicated that the purpose of this Council <br />worksession is to update the City Council on the issues relating to the east Elk <br />River project. He reviewed the issues to be discussed which included reviewing <br />the bids for the project, the shortage between the bids and the assessment <br />amounts. funding options for the shortage. and cash flow issues. The City <br />Administrator informed the Council that the trunk sewer and water project is only <br />part of the entire east Elk River public improvement project. <br /> <br />Assistant City Administrator Lori Johnson reviewed the project costs. revenues. <br />and balance to be funded. Following her review of the east Elk River project <br />funding options, she noted that there is funding yet to be identified in the <br />amount of $2.6 million to cover the shortage in the streets. storm sewer. sewer. <br />and water improvements, after funding the railroad crossing and lift station <br />through tax increment financing. <br /> <br />Bond Consultant Dave MacGillivray addressed the shortfall. He indicated that <br />some of the uncertain issues include the life of the T1F District, special <br />assessments, connection fees, and storm water management fund. <br /> <br />. <br /> <br />Mayor Duitsman indicated that there are other issues that are not part of the <br />equation. Some of the issues include expenses for County Road 12 and the <br />purchase of the Brown property. <br />