11-07-1994 CC MIN - Laserfiche WebLink

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Elk River City Council Minutes November 7, 1994 Page 7 e 6.4. Bond Resolutions The Finance Director reviewed the two bond resolutions that need Council action. The first issue relates to the water tower revenue bond for the western area water tower project. The second issue relates to the General Obligation bond to finance the cost for the Western Area Phase II public improvements. The Council reviewed the water revenue bond and the City's participation in this project. It was noted by the Finance Director that the water revenue issue can be reduced if necessary, based on future City Council action regarding its contribution to the project. Councilmember Holmgren left the table at this time. The Finance Director provided additional background information on the two bond issues. COUNCILMEMBER DIETZ MOVED TO APPROVE RESOLUTION 94-115, A RESOLUTION INITIATING THE PROCESS FOR THE SALE OF THE CITY'S $1,010,000 GENERAL OBLIGATION WATER REVENUE BOND, SERIES 19940. COUNCILMEMBER FARBER SECONDED THE MOTION. THE MOTION CARRIED 4-0. Councilmember Holmgren returned to the table at this time. e COUNCILMEMBER FARBER MOVED TO APPROVE RESOLUTION 94-116, A RESOLUTION INITIATING THE PROCESS FOR THE SALE OF THE CITY'S $1,550,000 GENERAL OBLIGATION BOND, SERIES 1994E. COUNCILMEMBER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 5-0. 6.6. General Fund Budoet Update The City Administrator provided the City Council with an update on the status of the 1995 General Fund Budget. It was noted that the budget is increasing approximately 11 percent. It was also noted that the budget is balanced per action by the City Council on 10/24/94, which included the assumed Utilities contribution for the street front-end loader. The Council discussed the cuts made by staff in order to balance the proposed budget. The Council concurred that a casual day policy on Fridays should be allowed and acknowledged the change in policy regarding the clothing allowance for the clerical staff. The City Council recessed at 9:30 p.m. and reconvened at 9:43 p.m. 6.2. Review Administrative Subdivision Approval for Timothv Scheel Councilmember Scheel stepped down from the Council table and addressed the City Council on the administrative subdivision that was approved this summer for her son. Discussion took place regarding the road easement requirements for this subdivision. e Councilmember Scheel returned to the Council table at this time.