Laserfiche WebLink
<br />Elk River City Council <br />May 22, 1995 <br /> <br />Page 2 <br /> <br />e <br /> <br />Assistant City Administrator Lori Johnson indicated that the 1979 improvement <br />bond has a cash deficit and that tax levies would be required to pay the <br />remaining principal of $60,000 plus interest. Lori Johnson suggested that the <br />Council apply the excess funds from the 1980 improvement bond to the 1979 <br />bond. Due to delinquent assessments. taxes were levied to pay principal and <br />interest on the 1980 bonds. The bonds are now fully paid so the delinquent <br />assessment revenue now being collected could be used to eliminate levies for <br />the 1979 bond. <br /> <br />COUNCILMEMBER DIETZ MOVED TO TRANSFER THE CASH FROM THE 1980 <br />IMPROVEMENT BOND TO THE 1979 IMPROVEMENT BOND SO THAT THE DEFICIT <br />WOULD BE ELIMINATED. COUNCILMEMBER HOLMGREN SECONDED THE MOTION. <br />THE MOTION CARRIED 5-0. <br /> <br />Mayor Duitsman indicated his appreciation to the Assistant City Administrator and <br />the finance support staff for their work in the audit presentation. <br /> <br />COUNCILMEMBER DIETZ MOVED TO ACCEPT THE 1994 AUDIT. COUNCILMEMBER <br />SCHEEL SECONDED THE MOTION. THE MOTION CARRIED 5-0. <br /> <br />4.2 <br /> <br />1994 Finance Annual Reoort <br /> <br />e <br /> <br />Assistant City Administrator Lori Johnson presented the 1994 Rnance Annual <br />Report. Lori Johnson reviewed the job duties of the employees in the finance <br />department. She also reviewed some insurance risk management issues. <br /> <br />COUNCILMEMBER HOLMGREN MOVED TO ACCEPT THE 1994 FINANCE ANNUAL <br />REPORT. COUNCILMEMBER DIETZ SECONDED THE MOTION. THE MOTION CARRIED 5- <br />O. <br /> <br />5. Ooen Mike <br /> <br />No one appeared for this item. <br /> <br />6.1 Ice Arena Uodate <br /> <br />City Administrator Pat Klaers indicated that the cost to construct the proposed <br />Ice Arena is 2.8 to 2.9 million dollars. He stated that the annual revenues and the <br />youth hockey contributions can only support about 2.1 million dollars leaving the <br />project short about $700,000.00. Jeff Gongoll indicated that the Ice Arena <br />Committee is aware of the financial obstacles and believes that these obstacles <br />can be overcome. Jeff Gongoll indicated that the Ice Arena Committee will be <br />meeting with the Youth Hockey Association to discuss some formal fund raising <br />projects. Chuck Freiberg from RSP, Inc., and Construction Manager Gill <br />Fleischhacker from M.A. Mortenson, were in attendance to discuss the ice arena <br />project. Gill Fleischhacker informed the Council that due to the budget <br />restrictions, bids on the ice arena project have not been requested, however, this <br />does not mean that the project is dead. <br /> <br />e <br />